Cryptocurrency Q&A
What does CFR mean in finance?
What does CFR mean in finance?
RainbowlitDelight
Wed Sep 18 2024
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6 answers
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Could you please explain what CFR stands for in the context of finance, and provide a brief overview of its significance or relevance in financial transactions? I'm curious to understand how this term is used and what it represents within the financial industry.
6 answers
BitcoinBaron
Fri Sep 20 2024
Cost and Freight (CFR) is a widely recognized trade term in international commerce. It specifies the obligations of the seller in a transaction, particularly in relation to the transportation of goods.
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CryptoElite
Fri Sep 20 2024
Under the CFR term, the seller is responsible for arranging and paying for the carriage of goods by sea to a specified port of destination. This includes the costs associated with loading the goods onto the vessel and any freight charges up to the point of delivery.
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Martino
Thu Sep 19 2024
The buyer, on the other hand, bears the risk of loss or damage to the goods from the time they are loaded onto the vessel. This means that if the goods are damaged or lost during transit, the buyer is responsible for filing any claims with the carrier or insurance company.
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HanRiverVision
Thu Sep 19 2024
In contrast to CFR, Cost, Insurance, and Freight (CIF) is a trade term that requires the seller to not only arrange for the carriage of goods but also to procure insurance to cover the buyer's potential risk of loss or damage.
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HallyuHeroine
Thu Sep 19 2024
The insurance coverage under CIF typically includes all risks of loss or damage to the goods from the time they are loaded onto the vessel until they are delivered to the buyer's final destination. This provides the buyer with additional protection and peace of mind.
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