COST INSURANCE FREIGHT (CIF)
Cost, insurance and freight at “destination port”. Clause for which the seller provides the goods on the ship, with freight and insurance paid to the port agreed with the buyer. The buyer assumes all the costs and subsequent risks of unloading the ship, customs and transport.
Note: The risk of loss or damage of the goods is transferred to the buyer when it is loaded on board the ship. This formula can only be used in the case of maritime transport or inland waterways.