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Cif value

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Querist : Anonymous

Querist : Anonymous (Querist)

17 January 2012 what is the cif value for the purpose of notes to accounts??

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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17 January 2012 COST OF GOODS + air / ocean freight up to the airport / port of discharge + insurance cost for insurance of the goods up to the country of destination.

"Cost, insurance and freight" means that the seller delivers when the goods pass the ship's rail in the port of shipment. The seller must pay the costs and freight necessary to bring the goods to the named port of destination but the risk of loss of or damage to the goods, as well as any additional costs due to events occurring after the time of delivery, are transferred from the seller to the buyer. However, in CIF the seller also has to procure marine insurance against the buyer's risk of loss of or damage to the goods during the carriage.

FOR INFO:
https://www.export911.com/e911/export/comTerm.htm

Querist : Anonymous

Querist : Anonymous (Querist)

17 January 2012 thnx for the reply sir

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