The party (usually the buyer) named in a bill of lading or waybill, who is entitled to receive cargo that is shipped by the consignor and delivered by the carrier. Under CFR terms the consignee arranges the transit insurance, but under CIF he pays the premium in the price of the goods.
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(a) Person or firm to whom goods are shipped under a bill of lading. (b) The individual or company to whom a seller or shipper sends merchandise and who, upon presentation of necessary documents is recognized as merchandise owner for the purpose of declaring an paying customs duties.