§ 34.1-2-320 — C.I.F. and C. & F. terms

Wyoming § 34.1-2-320

• Jurisdiction: Wyoming
• Title 34.1: Uniform Commercial Code
• Art. 2: SALES

Text

(a) The term C.I.F. means that the price includes in a
lump sum the costs of 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 named destination.
(b) Unless otherwise agreed and even though used only in
connection with the stated price and destination, the term
C.I.F. destination or its equivalent requires the seller at his
own expense and risk to:
(i) Put the goods into the possession of a carrier at
the port for shipment and obtain a negotiable bill or bills of
lading covering the entire transportation to the named
destination; and
(ii) Load the goods and obtain a receipt from the
carrier (which may be contained in the bill of lading) showing
that the freight has been paid or provided for; and
(iii) Obtain a policy or certificate of insurance,
including any war risk insurance, of a kind and on terms then
current at the port of shipment in the usual amount, in the
currency of the contract, shown to cover the same goods covered
by the bill of lading and providing for payment of loss to the
order of the buyer or for the account of whom it may concern;
but the seller may add to the price the amount of the premium
for any such war risk insurance; and
(iv) Prepare an invoice of the goods and procure any
other documents required to effect shipment or to comply with
the contract; and
(v) Forward and tender with commercial promptness all
the documents in due form and with any indorsement necessary to
perfect the buyer's rights.
(c) Unless otherwise agreed the term C. & F. or its
equivalent has the same effect and imposes upon the seller the
same obligations and risks as a C.I.F. term except the
obligation as to insurance.
(d) Under the term C.I.F. or C. & F. unless otherwise
agreed the buyer must make payment against tender of the
required documents and the seller may not tender nor the buyer
demand delivery of the goods in substitution for the documents.