CIF_Contract

CIF Contract Introduction C.I.F. stands for "Cost Insurance and Freight" In fact; this contract imposes a variety of duties to the seller. In general this contract is known as a contract for sale and shipment of goods to the agreed destination. As far as the payment is regarded, it must be made against the production of the appropriate documents according to the contract. So, in case of CIF contract the seller undertakes more obligation than the buyer. All these obligations and duties of the both parties will be examined below. The Duties of the Seller · To ship the goods according to the contract; · To arrange for carriage of the goods; · To arrange insurance; · To make out invoice to the buyer; · To tender these documents to the buyer; However, the seller must ship the goods, which means that the seller is obliged to ship the goods to the appropriate place and on the exact date. At this point the seller has the full responsibility to determine exactly the time and the place, when and where he has placed the goods on the port. Also, he is obliged to nominate the vessel. Further, the seller has to arrange for carriage of the goods, which means that the buyer does goods, buyer, seller, documents, contract, cif, case, risk, payment, insurance, price, bank, shipment, port, place, sale, property, pay, carrier, right, must, passes, time, ship, under, over, obligation, delivery, deliver, carriage, cargo, vessel, parties, delivered