CIF

How it is used

Written with the destination port: 'CIF Hamburg'. The point many people miss is that the seller pays up to the destination, but the buyer carries the risk during the voyage. CIF value is also the basis for import duties in many countries, including the EU and Turkey.

Example sentences

1. We quoted CIF Alexandria, so the freight and insurance are included in our price.

2. Under CIF, the buyer still carries the risk if the cargo is damaged at sea.

Common collocations

• CIF price
• CIF value
• quote CIF
• CIF destination port

Related terms

• IncotermsA set of standard trade terms published by the International Chamber of Commerce that tell the buyer and seller who arranges and pays for transport, and where risk passes between them.
• FOBShort for Free On Board: an Incoterms rule for sea transport in which the seller delivers the goods on board the vessel chosen by the buyer, and risk passes to the buyer at that point.
• DAPShort for Delivered at Place: an Incoterms rule in which the seller carries the goods and the risk to the named destination, ready for unloading, while the buyer handles import clearance and duties.
• ocean freightThe transport of goods by ship, mostly in containers; the cheapest way to move large volumes over long international distances.
• customs dutyA tax charged by a government on goods when they are imported, and in some cases exported, usually calculated as a percentage of their customs value.

This word in other fields

The same English word can have a different meaning in another field:

• CIF · International Trade

More terms: Incoterms

• EXW
• DDP