Meaning of c.i.f, f.o.b, c&f
This query is : Resolved
20 January 2014
Price includes Cost, Insurance and Freight for CIF, includes Cost & Freight for C&F and Free on Board for FOB.
Thanks!
Thanks!
AVTAR SINGH
(Expert)
20 January 2014
FOB: Free On Board. The value of goods inclusive of any freight costs to the stated geographical point. Export FOB would typically include any inland freight charges to the port.
CIF: Cost, Insurance, and Freight. The cost of goods inclusive of shipper paid insurance and freight charges to a stated geographical point. If no point is stated, it's generally assumed to mean to the port of debarkation. The buyer would be responsible for insurance and inland freight from that point.
C&F or CNF: As above but without insurance paid by the shipper. The buyer is responsible for insurance from the shipper's dock onwards. This is generally regarded as preferable since the buyer may choose his own insurance carrier and deals with them directly in case of a claim.
FOB: Free On Board. The value of goods inclusive of any freight costs to the stated geographical point. Export FOB would typically include any inland freight charges to the port.
CIF: Cost, Insurance, and Freight. The cost of goods inclusive of shipper paid insurance and freight charges to a stated geographical point. If no point is stated, it's generally assumed to mean to the port of debarkation. The buyer would be responsible for insurance and inland freight from that point.
C&F or CNF: As above but without insurance paid by the shipper. The buyer is responsible for insurance from the shipper's dock onwards. This is generally regarded as preferable since the buyer may choose his own insurance carrier and deals with them directly in case of a claim.
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