CIF

CIF (Cost, Insurance, and Freight) is a widely used term in the supply chain that refers to a specific type of international trade agreement. Under CIF, the seller is responsible for the cost of the goods, insurance coverage during transit, and freight charges to deliver the goods to the designated port of destination. Once the goods are loaded onto the vessel, the risk of loss or damage transfers from the seller to the buyer. CIF terms provide clarity regarding financial responsibilities and help ensure smooth and efficient international transactions.