[C057]

CIF (cost, insurance and freight)
This refers to a common term in a sales contract that may be encountered in international trading when ocean marine travel is used. In this type of contract, the selling price includes the cost of the goods, all shipping charges and the cost of marine insurance. Although the seller is obligated to purchase marine insurance, the seller's responsibility for the goods ends when the goods have been delivered to the marine carrier or have been delivered on board the shipping vessel, depending upon the terms of the contract.