CIF is an Incoterm for sea freight under which the seller pays the cost of goods, marine insurance and freight to the named destination port. Risk, however, transfers to the buyer as soon as the goods are on board at the origin port — a frequent source of confusion, since the seller pays for the voyage but no longer bears its risk.
CIF applies only to sea and inland waterway transport. For containerized cargo, the equivalent multimodal term CIP is generally recommended instead.
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