Legal Definition and Related Resources of C.i.f.

Meaning of C.i.f.

Abbreviation for cost, insurance , freight . under a c.i.f. contract , the seller of goods has firstly to ship at the port of shipment goods of the description contained in the contract; secondly, to procure a contract of affreightment , under which the goods will be delivered at the destination contemplated by the contract; thirdly, to arrange for an insurance upon the term current in the trade which will be available for the benefit of the buyer ; fourthly to make out an invoice , and finally to tender these documents to the buyer so that he may know what freight he has to pay and obtain delivery of the goods, if they arrive, or recover for their loss if they are lost on the voyage . Under such contract the purchaser is bound to pay immediately upon presentation of the invoice, even though the goods are then at sea or have not reached the possession of the purchaser. Also, if the goods are lost on the voyage, the loss is the purchaser’s since he is entitled to the benefits of the insurance. The reason is that a c.i.f. contract passes title to the buyer upon delivery to the carrier and therefore unless the facts indicate a contrary intent the risks of transit are on the buyer. See Thames and Mersey marine insurance Co. v United States , 237 U.S. 19, 59 L.Ed. 821, 35 S.Ct. 496.

Related Entries of C.i.f. in the Encyclopedia of Law Project

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C.i.f. in Historical Law

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Legal Abbreviations and Acronyms

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