what do you know about incoterms, Explain CIF

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CIF is an Incoterm that stands for Cost, Insurance, and Freight, where the seller is responsible for all costs and risks up to the destination port.

CIF is one of the 11 Incoterms used in international trade to define the responsibilities of buyers and sellers.
Under CIF, the seller is responsible for arranging and paying for transportation, insurance, and any necessary documentation up to the destination port.
Once the goods are loaded on the vessel, the risk of loss or damage transfers from the seller to the buyer.
CIF is commonly used in maritime shipping and is suitable for buyers who want the convenience of having the goods delivered to their port without having to deal with transportation and insurance.
An example of CIF would be CIF Shanghai, where the seller is responsible for all costs and risks up to the port of Shanghai.

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