INCOTERMS

CFR is an incoterm which is short for International Commercial Term. In order to facilitate foreign trade, the International Chamber of Commerce (ICC) publishes and regularly updates this set of globally recognized terms that help to create a standard for the terms of foreign trade contract. International Commercial Terms are intended to prevent confusion by clarifying the obligations of buyers and sellers, such as transport and export clearance obligations and the physical point where risk transfers from the seller to the buyer.

TRANSPORT OBLIGATIONS,
COST AND RISKS
(Incoterms 2020 by ICC)