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Meaning of FOB ,CFR, CIF.... Plzzz …

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Meaning of FOB ,CFR, CIF.... Plzzz answer fast

Posted by Kanishka Raturi 5 years, 9 months ago

CBSE > Class 11 > Business Studies

1 answers

Yogita Ingle 5 years, 9 months ago

FOB - Free On Board

This term means that the seller delivers when the goods pass the ship's rail at the named port of shipment. This means the buyer has to bear all costs & risks to the goods from that point. The seller must clear the goods for export. This term can only be used for sea transport. If the parties do not intend to deliver the goods across the ship's rail, the FCA term should be used.

CFR - Cost and Freight

This term means the seller delivers when the goods pass the ship's rail in the port of shipment. Seller must pay the costs & freight necessary to bring the goods to the named port of destination, BUT the risk of loss or damage, as well as any additional costs due to events occurring after the time of delivery are transferred from seller to buyer. Seller must clear goods for export. This term can only be used for sea transport.

CIF - Cost, Insurance, Freight

The seller delivers when the goods pass the ship's rail in the port of shipment. Seller must pay the cost & freight necessary to bring goods to named port of destination. Risk of loss & damage same as CFR. Seller also has to procure marine insurance against buyer's risk of loss/damage during the carriage. Seller must clear the goods for export. This term can only be used for sea transport.

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