8.2-320 - C.I.F. and C. & F. terms.
§ 8.2-320. C.I.F. and C. & F. terms.
(1) The term C.I.F. means that the price includes in a lump sum the cost ofthe goods and the insurance and freight to the named destination. The term C.& F. or C.F. means that the price so includes cost and freight to the nameddestination.
(2) Unless otherwise agreed and even though used only in connection with thestated price and destination, the term C.I.F. destination or its equivalentrequires the seller at his own expense and risk to
(a) put the goods into the possession of a carrier at the port for shipmentand obtain a negotiable bill or bills of lading covering the entiretransportation to the named destination; and
(b) load the goods and obtain a receipt from the carrier (which may becontained in the bill of lading) showing that the freight has been paid orprovided for; and
(c) obtain a policy or certificate of insurance, including any war riskinsurance, of a kind and on terms then current at the port of shipment in theusual amount, in the currency of the contract, shown to cover the same goodscovered by the bill of lading and providing for payment of loss to the orderof the buyer or for the account of whom it may concern; but the seller mayadd to the price the amount of the premium for any such war risk insurance;and
(d) prepare an invoice of the goods and procure any other documents requiredto effect shipment or to comply with the contract; and
(e) forward and tender with commercial promptness all the documents in dueform and with any endorsement necessary to perfect the buyer's rights.
(3) Unless otherwise agreed the term C. & F. or its equivalent has the sameeffect and imposes upon the seller the same obligations and risks as a C.I.F.term except the obligation as to insurance.
(4) Under the term C.I.F. or C. & F. unless otherwise agreed the buyer mustmake payment against tender of the required documents and the seller may nottender nor the buyer demand delivery of the goods in substitution for thedocuments.
(1964, c. 219.)