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the total of cost, insurance and freight charges to be paid on goods purchased and shipped.

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.


‘cost, insurance, freight’, a special type of sale of goods. The quoted price includes the cost of the goods, the cost of insurance while the goods are in transit and the cost of the freight to the destination. It clearly eases the buying of goods across national boundaries, especially so where distance is involved. The seller is in the best position to obtain a good price for insurance and freight, so the utility of the standard contract is evident. The seller delivers the goods to the carrier and sends the invoice, insurance policy and bill of lading to the buyer.
Collins Dictionary of Law © W.J. Stewart, 2006
References in periodicals archive ?
The 2003 winners will be announced in February 2003 and will join an elite list of only 50 innovations worldwide to be honored by CIF with the NOVA Award.
Further, the joint structure and dispersion of the eight PFCSIs across the state mitigate risk that a severe enrollment decline at any one college would dramatically affect overall CIF collections.
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Aleta Tolentino, chair of the PCSO board's audit committee, outlined how then PCSO general manager Rosario Uriarte sent letter-requests for additional CIF to Arroyo, which she would write 'OK' on.
CIF figures show the fund has directly invested a total of PS15million - but almost a third of that has been used to fund council projects, such as Friargate.
The EU executive believed that this plan was compatible with the EU crisis rules for state aid to banks because "the CIF pays an adequate remuneration for the guarantees provided by the state and also contributes to bearing the resolution costs".
A CIF is created by a declaration of trust, with each investing retirement plan holding a proportionate interest in the underlying assets.
This article explains the essential features of a CIF contract.
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