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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 new assessments are in addition to the daily 90-day forward price assessments that Platts already publishes for thermal coal delivered on a cost, insurance and freight (CIF) basis to Antwerp/Rotterdam/Amsterdam and on a free-on-board (FOB) basis from coal terminals in South Africa, Australia and Kalimantan, Indonesia.
1 The value of goods including cost, insurance and freight charges; 2 Flying officer; 3 Mongolia; 4 The Merry Wives Of Windsor; 5 Pomegranate.
Between these two extremes you have the 11 other Incoterms including the most widely used one, CIF, short for cost, insurance and freight. Here the export price covers the cost of the goods delivered and insured to, but not unloaded at, a specified point of entry into the country of destination.

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