Cost, Insurance and Freight means that the seller delivers the goods on board the vessel or procures the goods already so delivered. The risk of loss of or damage to the goods passes when the goods are on board the vessel. The seller must contract for and pay the costs and freight necessary to bring the goods to the named port of destination.
Cost, Insurance and Freight means that the seller delivers the goods on board the vessel or procures the goods already so delivered. The risk of loss of or damage to the goods passes when the goods are on board the vessel. The seller must contract for and pay the costs and freight necessary to bring the goods to the named port of destination. The seller also contracts for insurance cover against the buyer’s risk of loss of or damage to the goods during the carriage. The buyer should note that under CIF the seller is required to obtain insurance only on minimum cover. Should the buyer wish to have more insurance protection, it will need either to agree as much expressly with the seller or to make its own extra insurance arrangements.
Cost, Insurance and Freight means that the seller delivers when the goods pass the ship’s rail at the point of shipment. The seller must pay the costs and freight necessary to bring the goods to the named port of destination but the risk of loss or damage to the goods, as well as any additional costs due to events occurring after the time of delivery, are transferred from the seller to the buyer. However, in CIF the seller also has to procure marine insurance against the buyer’s risk of loss of
Examples of Cost, Insurance and Freight in a sentence
The terms Ex Works (EXW), Cost, Insurance and Freight (CIF), Cost and Insurance Paid to (CIP), Delivered Duty Paid (DDP), and other trade terms used to describe the obligations of the parties, shall be governed by the rules prescribed in the current edition of the International Commercial Terms (INCOTERMS) published by the International Chamber of Commerce, Paris.
All prices shall be CIF (Cost, Insurance and Freight) destination.
The acronym CIF, which stands for Cost, Insurance, and Freight, is often used within academic circles to denote the financial evaluation of imported commodities.
This definition of the value of the transaction of imports corresponds to the value of the goods according to C.I.F. (Cost, Insurance and Freight).
Moreover, a payment method is also discussed in this part, which includes terms of insurance of goods as well, meaning whether the goods delivered are on basis of FOB (Free of Board) , not FOB, CPT (Carriage Paid to), CIF (Cost Insurance and Freight).
More Definitions of Cost, Insurance and Freight
Cost, Insurance and Freight means that the seller delivers when the goods pass the ship’s rail in the port of shipment.
Cost, Insurance and Freight means that the seller has the same obligations as under CFR but with the addition that he has to procure marine insurance against the buyer's risk of loss of or damage to the goods during the carriage. The seller contracts for insurance and pays the insurance premium. The buyer should note that under the CIF term the seller is only required to obtain insurance on minimum coverage.
Cost, Insurance and Freight means that the seller delivers the goods to the buyer on board the vessel or procures the goods already so delivered. The risk of loss of or damage to the goods transfers when the goods are on board the vessel, such that the seller is taken to have performed its obligation to deliver the goods whether or not the goods actually arrive at their destination in sound condition, in the stated quantity or, indeed, at all.
Cost, Insurance and Freight means that the seller delivers when the goods pass the ship's rail in the port of shipment.
Cost, Insurance and Freight or “C.I.F.” means the value of imported goods at the F.O.B. level plus cost of overseas freight including airfreight, road, rail or postal parcel charges, overseas insurance, loading, handling and other associated service charges paid or payable up to the port or place of importation into Papua New Guinea;
Cost, Insurance and Freight means that the seller has the same obligations as 54under CFR but with the addition that he has to procure marine insurance against the buyer’s risk of loss of or damage to the goods during the carriage. The seller contracts for insurance and pays the insurance premium. The buyer should note that under the CIF term the seller is only required to obtain insurance on minimum coverage. The CIF term requires the seller to clear the goods for export.”23 19The American usage of FOB port of shipment is not to place the risk of loading on the seller unless the specific vessel is mentioned in the FOB term. Uniform Commercial Code §2-319(1)(a) and (c). This is the equivalent of an ‘FCA’ contract under the Incoterms.20Uniform Commercial Code §2-319(1)(b).21Incoterms 1990, p. 4422CandF is commonly used in the United States, and its usage is provided for by statute. See, Uniform Commercial Code §2-320(1).23Incoterms 1990, p. 50. 4.3 CPT (... named place of destination) 55This term signifies “Carriage Paid To”, and its usage includes all modes of transport, 56including combined transport. The Incoterms provides the following explanation:
Cost, Insurance and Freight means that the seller delivers when the goods pass the ship’s rail in the port of shipment. The seller must pay the costs and freight necessary to bring the goods to the