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What is FOB and CFR (CIF)?
Usually we accept in our cooperation with customer 2 terms: FOB or CIF (C&F)
Meaning of these terms giving below:
FOB (Free On Board)
With FOB, the seller delivers the goods onto a vessel chosen by the buyer. Once the goods are on board, the buyer takes over responsibility for all costs and risks, like freight and insurance. In export quotes, the port of origin is mentioned after FOB (e.g., FOB Osaka or FOB Yokohama). The seller handles export clearance.
CIF (Cost, Insurance, and Freight)
With CIF, the seller covers insurance and delivery to the destination port (e.g., CIF Cyprus, CIF Ireland). The buyer is responsible for import customs and any related costs. The seller also arranges and pays for insurance and clears the goods for export.
C&F (Cost and Freight)
It is the same as CIF, only without insurance.
CFR (Cost and Freight)
It is a modern name of C&F.
This information should be clarified by the buyer prior to purchase.
Just a heads up! Neither of these terms cover import customs clearance, or the payment of duties and taxes in the buyer's country.