���#ɩ����}�"�T&��M���l��B.�.�J��� �@��ڂ��W".��' �$}�_��eOfT���+ȧ�����G�Xo(���n&�:����X���z��NJϩn��T�2����ۑk����s��)CO�$�{cUv���5. CIF Cost, Insurance and Freight (named port of destination) Incoterms® 2020 UPDATED A5 (Insurance) The seller must arrange a contract of insurance at its own cost to cover the buyer’s risks. 4. x��Yo�F�=����¢9��
%PDF-1.4 First one is that, when the seller completed his contractual duty on CIF terms and delivered the goods on board the vessel, and then risk passes to the buyer on shipment. %PDF-1.5 This cover must be of the level provided by LMA/IUA Institute Cargo Clauses (C) or similar clauses under other insurance regimes. This rule indicates two different methods of passing of risk under the CIF contract.
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between Seller and Buyer to a CFR or CIF or CFR Outturn or CIF Outturn or DELIVERED EX SHIP contract of sale and the General Terms and Conditions being these General Terms and Conditions for CFR/CIF/DELIVERED EX SHIP Sales of Product, reference TOTAL-PROD-CFR/CIF/DES, as supplemented and amended: for deliveries on or from barges within the European Union, by the … <> CIF contracts are an exception to the general rule in s20 of the Sale of Goods Act which links the passing of risk to the passing of property.
1 0 obj cement ____ N or R cost, freight and insurance (CIF) incoterms ___20, and . 4 0 obj This paper discusses the proposition that a CIF contract is a contract for the sale of documents is accurate as reflected in a number of judicial dicta and ‘the sufficiency of the remedies afforded to a CIF buyer given the real challenges of <> That is to say, the fact that the buyer has accepted the documents does not affect its right to reject the goods on arrival. endobj uC4������! stream x��\Ks��\�+pJ������(��ı�S>(>@)*E�E����/N�Σ{v(��C�*g�;��3�_���.� �R��Շ��_����o��ݛ�?a���}~�n��&ƥ���1,�.b�1m�r�`c�K��[��[���,�4C���+�^}�\ʥԃs�")5���d��ru�ވ�;%LX}���!c���tC���Z�? Whereas property passes under a CIF contract at the time the buyer pays and takes up the documents, the goods are deemed to be at the buyers risk from the time of shipment.
stream Terms of Cost, Insurance, and Freight (CIF) The contract terms of CIF define when the liability of the seller ends and the liability of the buyer begins. endobj N+� f���Y�J+U�^�V_������b��.�ݳu�2!��>��I?���-mGk�nY��E���B{�"��̿ �b')����X,�>P�l��HE�����w�g$S6;��}�W��~,���OW}_.V�������q���vy�k�T7e_����~����eY-w������w�p���Vx"��� /���� ���I���}�ϼ���]�=�g�~������g�n ���w���4 d�e��ċ�(�"OƁ̼������5���s�}.��AC_��'d���e��%�7M?DE��CS�M���>wD�&$�d r�+thV��H_�f~�~9����0�B��� �Dy�� ���"A��M����o&��M�����u�Z\)���L � �,���̻������m���*��E�S�w#/B����6�v �`�;ν���_O8BȖ�{8��mEY��[Fh���g��@���)��"����w�+�����{/���l���#�ɢ4Hrfnċ�Ј14Fn)�G& ?%���4�?�L����~� ���^h���z���|3���.�������?����pO�W_`��a"B��/���>}�f�&�¿�f�ؿ�B�^���{�X�r@�I D���i���-����+�c�� �V}�� ����i��-8)����M�C?.���s�̅����}E����eSu��c�;�ҩ{�_7�~���X:Gk��� p�����Zܻ%�{K�!���l�N�h����GØ��A�M$o6hi� D��4A� ��$�7����o�d��� �}�ݡ�n�~����&x!%֪v�/�=�H+ F���"65�'�kS���0�Ij|^�9����.l�px*����Q��1/�(c�)���i)E��_d F�)�G�A�PR0[Տ�J餼�� Ph�@���t4l�H�@�lyh�����|?H�0�)�MW��'�%��zmD�/c�hԩ�m
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<>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 595.32 841.92] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 3 0 obj ��t�g��-��T�y"��cY8���6�@��� 2F���4;�W�a�Cֳp�Al[nj�kf���� Ù!��Ӧb?��Ы�-�$p#p��t}�k�& In CIF contracts, the buyer enjoys two separate and independent rights of rejecting documents and goods. 5 0 obj
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Under the CIF contract, risk passes on shipment to the buyer while property in them passed, 2 or as from shipment. <>
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