Cost, Insurance and Freight - CIF
 |
Definition of 'Cost, Insurance and Freight - CIF'A trade term requiring the seller to arrange for the carriage of goods by sea to a port of destination, and provide the buyer with the documents necessary to obtain the goods from the carrier. |
 |
Investopedia explains 'Cost, Insurance and Freight - CIF'Contracts involving international transportation often contain abbreviated trade terms that describe matters such as the time and place of delivery, payment, when the risk of loss shifts from the seller to the buyer and who pays the costs of freight and insurance. The most commonly known trade terms are Incoterms, published by the International Chamber of Commerce (ICC). These are often identical in form to domestic terms (such as the American Uniform Commercial Code), but have different meanings. As a result, parties to a contract must expressly indicate the governing law of their terms.It's important to realize that because this is a legal term, its exact definition is much more complicated and differs by country. Contact an international trade lawyer before using any trade term. |
Related Definitions
Articles Of Interest
-
What Is International Trade?
Everyone's talking about globalization, so we explain what is it and why some oppose it. -
7 Tips For Avoiding Shipping Costs When Shopping Online
Before clicking on that purchase, make sure you're getting the best deal possible. -
Introduction To Treasury Inflation-Protected Securities (TIPS)
If you want to protect your portfolio from inflation, all you need are a few TIPS. -
Nobel Winners Are Economic Prizes
Before you try to profit from their theories, you should learn about the creators themselves. -
Breaking Down The Balance Of Trade
The balance of trade is a key indicator of a nation’s health. Investors and market professionals appear more concerned with trade deficits than trade surpluses, since chronic deficits may be ... -
Open Market Operations Explained
The term “open market operations” refers to a monetary policy tool in which central banks buy and sell bonds to regulate the money supply in the economy. The United States employs open market ... -
Market Summary for July 26 2013
The major U.S. indices moved largely lower this week, with technical indicators suggesting that declines will continue next week, or at least that sideways trading will take hold. -
Forces Behind Interest Rates
Get a deeper understanding of the importance of interest rates and what makes them change. -
The Balance Of Trade
The balance of trade is the difference between a country’s imports and exports. A trade deficit occurs when a country buys or imports more goods from other countries than it sells or exports. ... -
Tariffs
Tariffs, or customs duties, are taxes imposed on foreign goods and services. In addition to providing a country with additional revenue, tariffs offer protection to domestic producers. Imported ...
Free Annual Reports