03/11/10
CIF is abbreviated from "cost, insurance and freight". Hence, the contract price will include the cost of goods, the cost of insurance and the freight essential to bring goods to a place of destination. The seller is responsible for insurance an d freight. The buyer generally has to pay the goods when the seller presents the pertinent documents to the buyer. Moreover, if the buyer obtains an important document, he can sell goods to others or sue the carrier.
More information : international trade law
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