Introduction
Cost, Insurance and Freight (CIF) is the price invoiced by a seller including the insurance of cargo, and all other charges incurred up to the destination port. During shipping of goods, there are challenges incurred when preparing the CIF quote. The main challenge is to ensure that all the necessary costs are included. Many of the cost items are readily available to the seller while the transporter prepares the others. Therefore, a description of the goods and their specifications must be accurate during the preparation of the CIF (Billings, 2003). All measures taken must be in standard form.
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