CIF (Cost, Insurance, and Freight)

CIF, or Cost, Insurance, and Freight, is a shipping term used in international trade. It means that the seller is responsible for covering the cost of the goods, the insurance during transport, and the freight charges to ship the goods to a specified port. This ensures that the buyer receives the goods with insurance coverage during transit. Once the goods reach the destination port, the buyer assumes responsibility for any additional costs, such as customs duties. CIF is a common term in contracts to define the seller's obligations during the shipping process.