C.I.F. Legal Meaning and Definition
Here is a simplified definition of the legal term C.I.F..
CIF stands for Cost, Insurance, and Freight. It is a term frequently used in shipping contracts. It signifies that the quoted price of a trade agreement covers the costs of the goods, as well as the cost of getting these goods to the destination through freight or shipping charges, and insurance to protect against potential damage or loss during transit. The seller is responsible for these costs and risks until the goods arrive at the specified destination.
For example, "The CIF for the order is $2000," means the cost of the items, shipping them, and insuring them until they reach their destination is $2000.