Commonly Used Terms
Cost, Insurance and Freight (CIF)
Cost, Insurance, and Freight (CIF) mean 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.
B
C
Currency Adjustment Factor (CAF)
Cross-docking
Cost, Insurance and Freight (CIF)
Cost and Freight (CFR)
Contract of Carriage
Container Yard (CY)
Completely Knocked Down (CKD)
Certificate of Origin (CO)
Cellular Vessel
Carriers
Carrier's Lien
Carriage Paid To (CPT)
Carriage And Insurance Paid To (CIP)
Carnet
Cargo Agents Settlement System (CASS)