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Simple English definitions for legal terms
C.I.F.
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A quick definition of C.I.F.:
Term: C.I.F.
Definition: C.I.F. stands for cost, insurance, and freight. It is the total amount of money that needs to be paid for goods that have been purchased and shipped. This includes the cost of the goods, the insurance to protect them during shipping, and the freight charges to transport them to their destination.
A more thorough explanation:
C.I.F.
The total amount of money that needs to be paid for goods that have been purchased and shipped, including the cost of the goods, insurance, and freight charges.
- John purchased a shipment of electronics from China for $10,000. The cost of insurance and freight charges for the shipment was $2,000. Therefore, the C.I.F. for the shipment was $12,000.
- Samantha ordered a container of furniture from Italy for her store. The cost of the furniture was $20,000, and the insurance and freight charges were $5,000. The C.I.F. for the container was $25,000.
These examples illustrate how the C.I.F. is calculated by adding the cost of the goods, insurance, and freight charges. It is important for buyers to understand the C.I.F. when purchasing goods from other countries, as it affects the total cost of the shipment.