FOB VS CIF valuation
This query is : Resolved
j.madhusudhanan
(Querist)
12 February 2008
can anyone explain me what are included and not included under these two valuations
S.Srinivasaraghavan
(Expert)
12 February 2008
FOB=Free On Board.
It contains price of the product placed on board the transport and duties and taxes there on. It does not cotain, any Frieght or Transit Insurance associated with the product. (All these are to be arranged by the purchaser in his own responsibility).
CIF=Includes price of the product, Freight and Transit Insurance costs
It contains price of the product placed on board the transport and duties and taxes there on. It does not cotain, any Frieght or Transit Insurance associated with the product. (All these are to be arranged by the purchaser in his own responsibility).
CIF=Includes price of the product, Freight and Transit Insurance costs
Shalishkumar
(Expert)
12 February 2008
The inco term FOB should be with named port. [ e.g. : FOB MUmbai by SEA]. When exporter quotes FOB named port rates. It is duty of exporter to bear alls expenses from transportation of goods from godowns/works, custom clearances, Port handling charges, freight charges, etc., and delivery of the goods to the destined vessel.
FOB + Cost of freight upto destined port and Insurance = CIF Named port.
FOB + Cost of freight upto destined port and Insurance = CIF Named port.
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