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What is the difference between FOB and CIF?

April 26, 2017CIF fob

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What is the difference between FOB and CIF?

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FOB is an abbreviation for Free on Board. This means that the seller pays for transportation of the goods to the port of shipment, plus loading costs. The buyer pays freight, insurance, unloading costs and transportation from the arrival port to the final destination. CIF stands for Cost, Insurance and Freight which means that the selling price includes the cost of the goods, the freight or transport costs and also the cost of marine insurance.