FOBCIF

FOBCIF stands for Free On Board, Cost, Insurance, and Freight. It is a trade term used in international commerce that defines the delivery point of a seller and the point at which the buyer assumes responsibility for the goods. Specifically, FOBCIF signifies that the seller is responsible for all costs, risks, and obligations until the goods are loaded onto the ship, and then the buyer takes over. This includes the cost of the goods, freight charges, insurance, and any other expenses incurred to get the goods to the buyer's destination.

Under FOBCIF terms, the seller must arrange and pay for the carriage of goods by sea to the named port of destination. They also must provide the buyer with a commercial invoice, a clean shipped bill of lading, and an insurance policy. The seller bears all risks of loss or damage to the goods until they have been placed on board the vessel at the port of shipment. Once the goods are on board, the buyer assumes all risks and costs, including import duties and taxes. FOBCIF is similar to CIF (Cost, Insurance, and Freight) but with the added stipulation that the seller's responsibility extends to the point of loading the goods onto the vessel.