Cost Insurance Freight or CIF Law & Legal Definition
Cost Insurance Freight or CIF is a term commonly used in international sales contracts. This term is used only when goods are transported by sea or inland waterway. According to U.C.C. § 2-320, the term C.I.F. means that the price includes in a lump sum, the cost of the goods, the insurance and freight to the named destination. The seller's delivery and duty is complete when the goods are loaded on the receiving ship while docked in the port of shipment. The risk of loss and other costs then passes to the buyer.
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