ENTREPRENEURSHIP

Detailed explanation-1: -Under CIF, the seller is responsible for covering the costs, insurance, and freight of the buyer’s shipment while in transit. The buyer is responsible for any costs once the freight has reached the buyer’s destination port.

Detailed explanation-2: -CIF – Cost, Insurance and Freight The seller must contract for and pay the costs and freight necessary to bring the goods to the named port of destination. The seller also contracts for insurance cover against the buyer’s risk of loss of or damage to the goods during the carriage.

Detailed explanation-3: -What does CIF destination mean? CIF destination is the destination port or importer’s country’s port where the risk of goods is moved from the seller to the buyer. CIF destination is the nominated harbor that can be a commonly acknowledged place by both parties.

Detailed explanation-4: -In CIF, the seller is hugely responsible for shipping the items and any accompanying liabilities and costs, including insurance and freight. The seller is released from obligation when the items are placed into the ship or “crossed the ship’s line.” Following that course, the buyer accepts all responsibility.