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Incoterm CIF

This topic has 4 replies, 2 voices, and was last updated 3 years ago by MikeLittle.

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March 5, 2019 at 2:17 pm #507745
francihco
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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 transport

To me, both a & b look correct, but only one answer is possible. Would it be D, then?
March 5, 2019 at 2:19 pm #507746
francihco
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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.
March 5, 2019 at 2:37 pm #507754
MikeLittle
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Agreed but what happened to your first choice of D?
March 13, 2019 at 10:43 am #509235
francihco
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I was a typo :-S
March 13, 2019 at 12:03 pm #509247
MikeLittle
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No problem
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