What is Cost, Insurance and Freight in SAP SLL - Global Trade Services?

SAP Term: Cost, Insurance and Freight

• Component: SLL

• Component Name: Global Trade Services

• Description: An international commercial term under which the seller exporter must not only pay the cost of the merchandise, all shipping costs to the named port of departure, but also procure marine insurance against the buyer's risk of loss or damage to the goods during transport. The Cost, Insurance and Freight term requires the seller to clear the goods for export. This term can only be used for sea and inland waterway transport.

Smart SAP Assistant

• Key Concepts: 
  Cost, Insurance and Freight (CIF) is a term used in international trade to describe the cost of goods, insurance, and freight charges associated with the delivery of goods from one country to another. CIF is a component of SAP's Global Trade Services (GTS) suite of software solutions, which helps companies manage their global trade operations. 
  
  How to use it: 
  CIF is used to calculate the total cost of goods, insurance, and freight charges associated with the delivery of goods from one country to another. It is important for companies to accurately calculate CIF in order to ensure that they are not overpaying for their goods or services. GTS provides users with the ability to easily calculate CIF and other related costs associated with international trade. 
  
  Tips & Tricks: 
  When calculating CIF, it is important to consider all costs associated with the delivery of goods, including taxes, duties, and other fees. Additionally, it is important to factor in any currency exchange rates that may apply when calculating CIF. 
  
  Related Information: 
  For more information on GTS and its components, please visit the SAP website at www.sap.com/gts. Additionally, there are many online resources available that provide detailed information on international trade and how to calculate CIF.