A C.I.F. (Cost, Insurance, and Freight) contract is a specific type of export agreement where the price includes the cost of the goods, the insurance premium, and the freight charges to the destination.
Seller’s Duty: To ship the goods, obtain a bill of lading, and secure an insurance policy.
Buyer’s Duty: To pay against the delivery of documents (symbolic delivery) rather than physical goods. Ownership usually passes when the buyer receives and accepts the shipping documents, shifting the risk to the buyer from the time of shipment.
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