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If ICC Incoterm CIF applies to a contract, which of the following statements is correct?
a) The seller will be responsible for comprehensive insurance of the goods
b) The seller must pay for the transportation costs to a named destination
c) The buyer must pay for transportation to the first carrier
d) The buyer and seller can choose any mode of transportTo me, both a & b look correct, but only one answer is possible. Would it be D, then?
Ok, I found somewhere that the rule only require a minimum level of cover, which may be commercially unrealistic. Thus, I think the correct answer in B in this case.
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