CIF contract

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A type of contract for the international sale of goods by which the seller agrees not only to supply the goods but also to make a contract of carriage with a sea carrier, under which the goods will be delivered at the contract port of destination, and a contract of insurance with an insurer, to cover them while they are in transit. The seller performs his contract by delivering the relevant documents to the buyer: an invoice specifying the goods and their price, a bill of lading evidencing the contract of carriage, a policy of insurance, and any other documents specified in the contract. The contract will normally provide for payment against documents. The risk of accidental loss or damage normally passes to the buyer on or as from shipment. CIF is a defined Incoterm under Incoterms 2000.

Subjects: Law.

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