CIF price
The CIF price of a commodity is the price , which a commodity at the time of import (including costs C ost), insurance ( I nsurance) and freight ( F reight) costs.
The CIF price is the basis for determining the customs value , any anti- dumping measures and checking whether the value restriction of a surveillance document has been complied with.
CIF means that the seller has to bear the costs and freight to transport the goods cleared by him to the named port of destination. However, the buyer takes responsibility after the goods are on board. At the same time, the seller has to take out sea transport insurance against the risk borne by the buyer (only applies to sea and inland waterway transport).
literature
- Hans-Georg Benthack : Cif Hamburg . Hamburg: Verl. Mohrdruck, 1956
