Key Takeaways. Cost and freight (CFR) and cost, insurance, and freight (CIF) are terms used in international trade for the shipping of goods by sea. CFR requires the seller to arrange for the transport of goods by sea to the buyer's (required) destination. This includes the cost of shipping but excludes the purchase of marine insurance With CIF, the seller is responsible for all of the costs associated with transporting goods to their destination, including insurance and freight charges. In most cases of FOB, on the other hand, the buyer is responsible for these costs. In other words, the seller assumes more risk with CIF than with FOB. . Difference Between FOB and CIF Contracts (with Duties of Seller) - Key Differences. Key Differences. Difference Between FOB and CIF Contracts. Have you any idea of the Table of Contents. What does CIF stand for in Shipping Terms? What are the Buyers and Sellers Responsibilities with CIF Agreements? Advantages and Disadvantages for the How to distinguish CIF, C&F and C&I. What is C&I terms of delivery in export business? C&I means, the price of sale of goods include cost of goods and Insurance. CIF vs CFR – Bottom Line. To wrap things up, both CIF and CFR terms have advantages and disadvantages depending on the contract and whether you are the buyer or the seller. CIF may provide greater protection for the buyer through insurance coverage, while CFR may offer simpler pricing and more control for the seller over the shipping CFR (Cost and Freight) This term formerly known as CNF (C&F) defines two distinct and separate responsibilities-one is dealing with the actual cost of merchandise "C" and the CIP Incoterms can be used for all means of transit but CIF Incoterms are only for sea/ocean freight. CIP Incoterms make the seller liable to pay for carriage to the nominated destination which can be a port or inland location. CIF Incoterms only require the seller to pay for transport to the port of destination
Incoterms 2020 CIF: Spotlight on Cost, Insurance and Freight
Under CIF terms, the seller is responsible for the bulk cargo until it lands at the port of destination. The seller is responsible to provide three main documents: [HOST] invoice (cost) [HOST] insurance policy (insurance) [HOST] bill of landing (freight) Once the bulk cargo reaches the port of destination, the cost transfers to the buyer This pricing term indicates that the cost of the goods, including all transportation and insurance costs from the manufacturer to the port of departure, as well as the costs of loading the vessel are readfiled in the quoted [HOST] is FOB, C&F & CIF Freight on board (FOB). This pricing term indicates that the cost of the goods, including Although NFS already has many versions under its belt, some of its advantages are: 1. It has a very simple implementation process compared to CIFS’ talkative, response-based nature. 2. It also boasts of a safer file caching. 1. NFS is for Linux or Unix based OS, whereas CIFS is used for Windows operating systems CIF (Cost, Insurance, and Freight) contracts require the seller to arrange and pay for the transportation and insurance of goods to a specified port. In contrast, FOB (Free On Board) contracts require the seller to deliver goods on board a vessel chosen by the buyer, with the buyer assuming all risks and costs thereafter The following difference exists between FOB and CIF. Meaning: FOB means free on board. The price includes all the expenses incurred until goods are actually loaded on board the ship at port of shipment. CIF stands for cost, insurance and freight. The seller meets cost of goods, freight and marine insurance. Costs: FOB covers those costs
CIF vs CFR Incoterms: Differences and Comparison - Eurosender
From the C Standard ( The fprintf function)A double argument representing an infinity is converted in one of the styles [-]inf or [-]infinity — which style is implementation-defined. A double argument representing a NaN is converted in one of the styles [-]nan or [-]nan(n-char-sequence) — which style, and the meaning of any n-char The main difference between CIF and FOB is the party that is responsible for the goods while they are in transit. With a CIF agreement, the seller is liable for the goods during transit, and with a FOB, the buyer is liable for the goods during transit. Other than that, there is not a major difference between the two Blog. Customodaladmin. Incoterms: The Difference between CIF and CIP (And their Pros and Cons) If you are shipping freight internationally, you will inevitably Cost and Freight (CFR) (though sometimes shortened as C&F or CNF): Deciding whether to buy or sell on an “F” term (e.g. FAS or FOB) or a “C” term (e.g. CFR or CIF) is significant. This is because “C” terms shift all the responsibility and cost of obtaining and paying for the ocean freight from the buyer to the seller C&I means, the price of sale of goods include cost of goods and Insurance. Means, the selling cost of goods agreed with buyer and seller includes the cost of goods with Insurance cost to deliver the goods to buyer’s place. I will explain C&I terms of delivery with a simple example. You are a Machinery seller situated in a place near Mumbai The main difference between Incoterms FOB and CIF is whether the buyer or seller pays for the main carriage of the goods. Under FOB, both the cost and the risk transfer at the point of export. Under CIF, the seller’s responsibility for the goods ends at the port of destination, but their risk for the goods ends when they are loaded on the vessel