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What does CIF and FOB mean in shipping terms?

April 26, 2017CIF fob mean shipping terms

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What does CIF and FOB mean in shipping terms?

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This is a global shipping terms which use in international trade. CIF means Cost Insurance and Freight. That means shipper/Trader has to pay the Cost of shipment up to the ship, Insurance cost of cargo and Freight cost up to destination port. FOB stands for Free On Board which means shipper/trader pays only costs up to the ship and Insurance cost, but freight charges is payed by the Buyer/Consignee.