What Does CIF Stand for

what is CIF:

CIF is a term of international trade (known as Incoterms) to refer to the cost, insurance and freight of sea or river logistics that both the seller and the buyer of a commercial transaction should be respected and negotiate.

El Incoterm CIF is usually used for industrial products of more value and to avoid costs and customs processes documents to the purchaser.

CIF Incoterm has greater coverage in terms of cost, insurance and freight. The rights and obligations of these three aspects cover different stages of logistics and transportation.

With the CIF, the seller undertakes to cover shipping costs, insurance and documentation of logistics and transportation from the warehouses of the seller until the shipment of the goods to the ship at the port of origin.

Responsibility for costs and documentation of the seller with the CIF Incoterm covers until the end of customs processes at the port of destination. But the compulsory insurance of the seller only covers until the products are shipped. Therefore not responsible if the ship sinks, for example.

To reduce the risk of the purchaser, the 2010 Incoterm CIF obliges the seller to hire at least a certain minimum covering the route of the goods from the shipment at the port of origin to the port of destination. This insurance must cover at least 10% of the contract concluded between the parties.

The correct way to use the acronym is first put the acronym Incoterms agreed between buyer and seller, followed by the port of destination and the Incoterm version that was used. For example: CIF Port of New Orleans, Incoterms 2010 to send products by boat to New Orleans.

Also be interested the meaning of logistics.

INCOTERM, CIF and FOB

CIF acronym belongs to one of the eleven current terms of the latest revision: Incoterms 2010.

Incoterms, International Commercial Terms, or “terms of trade” is an international classification of the operating expenses, insurance, risks and responsibilities of the seller and the purchaser with respect to the transport and logistics of any commercial transaction contract.

The Incoterms are important because:

they standardize the international rules of trade with respect to logistics and transport; they define the obligations of the parties involved; they define the risks to both the buyer and the seller; ylos transportation charges are clearly determined and divided.

El Incoterms FOB is the oldest and historically the most widely used. Their letters are an acronym for Free on Board, which means ‘free on board’. This means that the seller assumes the costs and risks of the goods to be loaded on the boat which the purchaser stipulated in the port of origin.

FOB is an Incoterm usually used for heavy machinery where the charge involves risks and damages.

For more information on FOB click here.

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