CIF in Shipping
Affiliated with the marine transport of goods, where it is used in most cases as a shortcut to certain words, which is the abbreviation of cost, insurance, and freight, and it is one of the well-known international and international words, in which many conditions related to transport operations that are carried out through the port, and they are related to international trade standards.
It means that the person who ships the goods is the person responsible for paying the costs of the goods, insurances and shipping charges applied to him and their responsibilities are borne after delivery to the port, this is the content of the word, but each letter has other meanings that we will get to know.
Also read: Shipping Terms Defined in Detail
The Term CIF in Shipping
The word CIF is an abbreviation of three words, which is cost, insurance, and shipping, and it is a Portuguese word in the original, and this word means a lot of meanings. It has some rules and conditions, which is that the supplier is responsible for all costs and risks that occur during the transportation process and before the delivery of goods and that The matter is related to freight insurance because the responsibility that falls on it is that the goods shipped are delivered to the port specified for the customer and after that the relationship between the two ends, so we learned that the meaning of the word CIF is that the customer is responsible for the cost, insurance, and freight and some other rules apply to it.
Also read: Payment Methods of Import and Export
The Term C & F
An abbreviation of Cost-Fright, which means that the supplier is responsible for all costs of the goods and all shipping costs to the importer, and he himself will bear all the insurance costs for the goods.
The Term C & I
They mean that the supplier is responsible for all costs of the goods, as well as being responsible for the insurance process for the goods, but the importer is the one who will bear all the shipping costs for the port supplied to the port of the importer.
Also read: Conditions for Delivery of Goods in Domestic or Local Trade
Reality of Terms
One of the main factors that all merchants and those responsible for road freight services care about is because it has a set of rules and conditions that cannot be dispensed with, and must be studied correctly before dealing in order to ensure that the rights of both the supplier and the importer are known and knew that those Agreements belong to the freight operations of goods only. This word differs from one country to another, because there is a set of various terms that are known internationally and globally that are dealt with during the process of transporting goods in order for each individual to preserve a right, as the responsibility is on the two parties after the agreement On items they walk on during the transfer.
Also read: A Comprehensive Illustration of Shipping Containers