CIF and FOB Contracts. 3268 words (13 pages) Law Essay. 7th Aug 2019 Contract Law Reference this Tags: UK Law. Disclaimer: This work has been submitted by a law student. This is not an example of the work produced by our Law Essay Writing Service. You can view samples of our professional work here. Any opinions, findings, conclusions or recommendations expressed in this material are those of.
What Is Cif Contracts Law Commercial Essay. According to case Smyth and Co Ltd v Baily Son and Co Ltd, CIF contracts summarised by Lord Wright is a type of contracts which is more frequent and the most popular in use than other contract. In cif contracts the price of goods inclusive of cost, insurance and freight. CIF contracts indicate the place of delivery. For instance, if a contract.
In conclusion, CIF and FOB contracts are the most important contracts in the field of International Trade. Both of them resemblance each other. However, CIF contract has a very significant difference from FOB contract. Mainly, under the CIF contract, the parties have to deal with delivery of documents and not actual physical delivery of goods by the seller. As a matter of fact, FOB contract is.In Stock v Inglis the court described the word F O B as Free on Board to mean the shipper or seller was to put the goods on board at his expense and the goods so put on board would be the risk of the buyer whether they are lost or not on the voyage. C I F means cost, insurance and freight.In the C I F contract the seller owns the goods until it is loaded in to the vessel.The seller has to.Port name is a condition in FOB contract. In Manbre S Co Ltd v Corn P Co Ltd, ( 2 ) it was held that the seller breached a condition and the buyer was entitled to reject the delivery. To pay all handling and transportation costs is the seller’s duty.
Under both CIF and FOB terms, the buyer is responsible for the final delivery and any charges related to the customs clearance or exam charges. If FOB term is used, the seller handles the export clearance and the transfer of goods takes place to the seller once the shipment is loaded onto the vessel. We hope this information helps and please reach out if you have any other questions. David. I.Read More
Under the CIF contract principles, this may constitute fundamental breach of contract and entitle a buyer to terminate the contract and thereby justify non-payment (Bridge, 2007). Alternatively, it is evident that on a strict interpretation of CIF contracts, the tendering of agreed shipping documents (if including the insurance documents) means that the risk in a shipment would have been with.Read More
Definition of CIF according to Incoterms 2010:. and that the seller must contract for and pay the costs of carriage necessary to bring the goods to the named place of destination. Now I can specify the differences between CIF incoterms and CIP incoterms in regards to Incoterms 2010 rules. Differences between CIF and CIP: Mode of Transport. CIF incoterms can only be used with port-to-port.Read More
A CIF contract requires the vendor to ship at the port of shipment the agreed goods in the underlying contract of sale, to procure a contract of carriage (bill of lading) under which the goods will be delivered to the agreed destination, to arrange for insurance which will be available for the benefit of the purchaser, to make out a commercial invoice and finally to tender these documents to.Read More
To conclude, CIF and FOB contracts are the most important contracts in the field of International Trade. Both of them resemblance each other. However, CIF contract has a very significant difference from FOB contract. Mainly, under the CIF contract, the parties have to deal with delivery of documents and not actual physical delivery of goods by the seller. As a matter of fact, FOB contract is.Read More
The significance of standard trade terms such as CIF and FOB in international commercial contracts. The financing of international sale contracts. The relationship of the carriage of goods by sea contract to the international sale contract. The importance of jurisdiction and choice of law to the different contracts. Resolution of disputes by arbitration. An overview of marine insurance and its.Read More
Although the changes in the usual maritime transport terms of FOB, CIF, FAS and CFR in Incoterms 2010 are subtle, it is important for ship owners and charterers alike to understand all of the above-mentioned changes due to the global growth of parties entering into multi-modal transport contracts of sale. Incoterms 2010 is a positive move forward which provides clarity in the operation of.Read More
The FOB contract buyer may usually nominate a new vessel on many grounds, for instance, the vessel originally nominated will not be able to receive the goods due to a breakdown. Such nomination should be of course, a valid nomination. The buyer will be responsible towards the seller for any extra cost incurred by the seller due to the new nomination. On the other hand, it could be argued that.Read More
Wharfage leviable on ad-valorem basis in the foregoing schedule will be levied on the CIF value of goods in the case of imports and FOB value of goods in the case of exports and on value specified in the bill of coastal goods in the case of coastal cargo. In case, supplier does not mention freight component then the value of taxable service in respect of ocean freight shall be deemed to be 10.Read More
Although this module concentrates on FOB and CIF contracts, the general principles apply to any trade. By the end of this module, the learner should be able to: Discuss the requirements to form a contract under English Law; Identify the clauses that should be incorporated into all contracts in the trade.Read More