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Simple English definitions for legal terms
CIF place of destination
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A quick definition of CIF place of destination:
Term: CIF Place of Destination
Definition: CIF Place of Destination refers to a term used in international trade where the seller is responsible for the cost, insurance, and freight of the goods until they reach the agreed-upon destination. This means that the seller is responsible for arranging and paying for the transportation of the goods, as well as insuring them against any damage or loss that may occur during transit. The buyer is responsible for any costs or risks associated with the goods once they arrive at the destination.
A more thorough explanation:
Definition: CIF place of destination refers to the cost, insurance, and freight of goods being shipped to a specific location. It is a term used in international trade where the seller is responsible for the cost of shipping, insuring, and delivering the goods to the buyer's destination port.
Example: A company in China sells goods to a company in the United States. The terms of the sale are CIF Los Angeles. This means that the Chinese company is responsible for the cost of shipping the goods to the port of Los Angeles, insuring the goods during transit, and delivering the goods to the buyer's specified location in Los Angeles.
Explanation: The example illustrates how CIF place of destination works in international trade. The seller is responsible for all costs associated with shipping the goods to the buyer's specified location. This includes the cost of freight, insurance, and delivery. The buyer only needs to pay for the goods and any additional fees associated with customs clearance and import taxes.