A trade term for Cost, Insurance and Freight, whereby the seller's quoted price includes insurance and all other costs up to a designated port of destination.
Definition from Nolo’s Plain-English Law Dictionary
An acronym for Cost, Insurance, and Freight. CIF is an international commercial term used to describe who will pay these fees when goods are transported by sea (and it's sometimes used to describe air freight as well). These trade terms are often identical in form to domestic terms (such as the American Uniform Commercial Code), but have different meanings. You should consult an international trade lawyer before using this or similar terms.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:12 pm