This article aims to provide a basic understanding of CIF and CFR terms. It also discusses some of their variants – CIFFO and C&FFO. These terms are usually used with Incoterms. Incoterms, or International Commercial Terms, are a set of standardized rules published by the International Chamber of Commerce (ICC) to facilitate international trade. These rules outline the responsibilities, costs, and risks of the parties in international trade. When parties refer to Incoterms, they incorporate…
