Commerce Exam > Commerce Questions > CIF stands for :a)Cost, insurance, freightb)C...
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CIF stands for :
- a)Cost, insurance, freight
- b)Cost inclusive of freight
- c)Cost in freight
- d)Cost, interest, freight
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
CIF stands for :a)Cost, insurance, freightb)Cost inclusive of freightc...
Explanation:
- CIF stands for Cost, Insurance, and Freight.
- It is a trade term used in international contracts for the sale of goods.
- CIF means that the seller is responsible for all costs associated with getting the goods to the port of destination, including the cost of the goods, insurance, and freight.
- The buyer is responsible for any costs associated with getting the goods from the port of destination to their final destination.
- CIF is often used in contracts for the sale of bulk commodities, such as oil, coal, and grain.
- It is also used in contracts for the sale of manufactured goods, such as machinery and electronics.
- CIF is one of several trade terms used in international trade, including FOB (Free on Board), Ex Works, and DDP (Delivered Duty Paid).
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