What does CIF and FOB mean? LB?

Question

What does CIF and FOB mean? LB?

Answer 1

CIF - Cost, Insurance and Freight.  A trade term requiring the seller to arrange for the carriage of goods by sea to a port of destination, and provide the buyer with the documents necessary to obtain the goods from the carrier.

FOB - Free On Board.  A trade term requiring the seller to deliver goods on board a vessel designated by the buyer. The seller fulfills its obligations to deliver when the goods have passed over the ship's rail. When used in trade terms, the word "free" means the seller has an obligation to deliver goods to a named place for transfer to a carrier.

LB - Abbreviation for pound, the unit of weight.

Answer 2

CIF- COST INSURANCE AND FREIGHT

FOB - FREE ON BOARD