Cif & fob contracts

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 September 2013 dear sir, please tell me what is the difference between cif and fob contracts. and also gives full article on cif and fob contract.

thanks

Ganeshbabu K

Ganeshbabu K (Expert)
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19 September 2013 1)CIF purchase means cost inclusive of fright and insurance ,, and under this method supplier will take responisbility to reach material till the port of importer,,supplier will bear insurance and frieght till it reaches port of importer

2)IN FOB supplier liability and responisibility ceases after goods shipped and billed ie., after date of bill of ladding,,it is importer to take responsibility to reach goods safely and he only need to bear insurance and frieght

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