Q I have heard the terms CIF and FOB used
3rd January 1969, Page 53
3rd January 1969
Page 53
Page 53, 3rd January 1969
— Q I have heard the terms CIF and FOB used
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in connection with shipping consignments. Can you please give me the respective definitions?
ACIF stands for cost, insurance and
freight. When goods are sold on these terms, the seller is responsible for delivering the goods to the ship, and for paying freight and insurance charges either to the distant port or to the ultimate delivery point.
FOB stands for free on board. The seller is responsible only for delivering goods to the ship, and the consignee must make his own onward transport arrangements.