What does CIF mean in pricing?

What does CIF mean in pricing?

Cost, insurance, and freight (CIF) is an international shipping agreement, which represents the charges paid by a seller to cover the costs, insurance, and freight of a buyer’s order while the cargo is in transit.

What does CIF stand for?

The abbreviation CIF stands for “cost, insurance and freight,” and FOB means “free on board.” These are terms are used in international trade in relation to shipping, where goods have to be delivered from one destination to another through maritime shipping.

How is CIF price calculated?

In order to find CIF value, the freight and insurance cost are to be added. 20% of FOB value is taken as freight. Means USD 200.00. Insurance is calculated as 1.125% – USD 13.00 (rounded off).

What does CIF 10% mean?

Q: What does “CIF+10%” mean? A: CIF+10% stands for: C = Cost/invoice value (purchase cost if your client is the buyer, or selling price if they are the seller) I = Insurance premium. F = Freight and associated charges (e.g. customs clearance charges)

Does CIF price include duty?

Does CIF include duty? CIF includes duty and charges, where the seller assumes responsibility for export customs proceeding and the buyer for import customs.