Common use of Basis of valuation Clause in Contracts

Basis of valuation. 2.2.1 For shipments involving imports or exports the subject matter covered is agreed to be valued as stated in the statement of cover. 2.2.2 For transits commencing and terminating within the same country: a. when stated as invoice value in the statement of cover the agreed value is the invoice cost or value, plus any costs incidental to the covered transit that are not covered by the invoice; or b. if there is no invoice, the value is the market value or the cost, at the time of the commencement of the covered transit, of replacing the subject matter covered with similar goods of the same age and condition.

Basis of valuation. 2.2.1 2.3.1 For shipments involving imports or exports cross border sendings the subject matter covered is agreed to be valued as stated in the statement of cover. 2.2.2 2.3.2 For transits commencing and terminating within the same country: a. 2.3.2.1 when stated as invoice value in the statement of cover cover, the agreed value is the invoice cost or value, plus any costs incidental to the covered transit that are not covered by the invoice; or b. 2.3.2.2 if there is no invoice, the value is the market value or the cost, at the time of the commencement of the covered transit, of replacing the subject matter covered with similar goods of the same age and condition; or 2.3.2.3 as stated in the statement of cover.