Glossary of Terms: C

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Carriage and Insurance Paid (CIP)

Under this term, the seller must pay the costs and freight to bring the good to the named port of destination on the buyer's side; however, the risk of loss or damage to the goods, as well as any additional cost due to events occurring after delivery to the first carrier are for the account of the buyer.

Carriage Paid To (CPT)

Carriage paid to named place of destination on the buyer's side. Under this term, the seller pays the costs and freight to bring the good to the named place of destination on the buyer's side; the risk of loss or damage to the goods, as well as any additional costs due to pay for pre-carriage, export clearance, main-carriage, unloading at the agreed port of discharge under the contract of carriage.

Cartage

Intra-city hauling of goods on trucks or drays.

Chassis

A frame with wheels and devices which containers can lock on to. These come in skeletal types, parallel frames, perimeter frames, and goose neck types.

Cost and Freight (CFR)

Under this term, the seller quotes a price for the goods that includes the cost of transportation to the named point of destination. The cost of insurance is left to the buyer's account. (Typically used for ocean shipments only.)

Cost, Insurance, and Freight (CIF)

Under this term, the seller quotes a price for the goods (including insurance), all transportation, and miscellaneous charges to the point of debarkation from the vessel. (Typically used for ocean shipments only.)

Cubic Meter (CBM or CM)

A volume of space measuring one meter wide, one meter long and one meter high.

Customs Broker

A licensed individual or organization that assists importers and exporters with merchandise duty rates, customs clearance, and entry procedures. SBS is a customhouse broker.