ABSTRACT
International sale contracts commonly contain abbreviations such as CIF (cost, insurance, freight), C&F (cost and freight), FOB (free on board) and FAS (free alongside ship). These abbreviations are trade terms which define the obligations of the seller and the buyer as regards the point of delivery, procurement of transport documents, contract of insurance, and other documents necessary for the export and import of cargo. Trade terms are largely a product of mercantile custom which have now been assimilated into English law.
