§ 26-1-2-321 — C.I.F. or C.&F.; "net landed weights"; payment on arrival; warranty of condition on arrival

Indiana § 26-1-2-321

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 2: Sales

Text

Under a contract containing a term C.I.F.
or C.&F.
(1) Where the price is based on or is to be adjusted according to "net
landed weights", "delivered weights", "out turn" quantity or quality or
the like, unless otherwise agreed the seller must reasonably estimate
the price. The payment due on tender of the documents called for by
the contract is the amount so estimated, but after final adjustment of the
price a settlement must be made with commercial promptness.
(2) An agreement described in subsection (1) or any warranty of
quality or condition of the goods on arrival places upon the seller the
risk of ordinary deterioration, shrinkage and the like in transportation
but has no effect on the place or time of identification to the contract
for sale or delivery or on the passing of the risk of loss.
(3) Unless otherwise agreed where the contract provides for
payment on or after arrival of the goods the seller must before payment
allow such preliminary inspection as is feasible; but if the goods are
lost delivery of the documents and payment are due when the goods
should have arrived.
Formerly: Acts 1963, c.317, s.2-321.