• The seller’s delivery is complete (and the risk of loss passes to the buyer) when the goods are loaded on the receiving ship while docked in the port of shipment. This term is used only when goods are transported by sea or inland waterway. — Abbr. CIF; C.I.F. Cf. COST AND FREIGHT; FREE ON BOARD. [Cases: Sales 77(2). C.J.S. Sales §§ 96–98.]
cost, insurance, and freight
A mercantile-contract term allocating the rights and duties of the buyer and the seller of goods with respect to delivery, payment, and risk of loss, whereby the seller must (1) clear the goods for export, (2) arrange for transportation by water, (3) procure insurance against the buyer’s risk of damage during carriage, and (4) pay the costs of shipping to the port of destination.
