Commercial & FinanceVerified
CIF meaning in oil and gas
CIF means Cost, Insurance, Freight. One of the standard delivery terms used in the international commercial practice and set out in the INCOTERMS published by International Chamber of Commerce, Geneva. Under CIF terms…
Definition
Cost, Insurance, Freight
One of the standard delivery terms used in the international commercial practice and set out in the INCOTERMS published by International Chamber of Commerce, Geneva. Under CIF terms the seller must not only supply the goods but also to arrange for their carriage and insurance during transit to the port named in the contract (eg. CIF Rotterdam), the cost of which is included in the contract price.