Cif And Fob Contracts Essays

Cif And Fob Contracts Essays-80
If so, the solvent party to the sale contract may have to prove for his losses in the liquidation, along with all the other creditors.Second, the right to demand the price may depend on whether property has passed.• The Banks’ Responsibilities when documents are tendered for payment • The buyer and his right of access to the goods: selling the goods on by endorsement • The seller’s duty to tender a document accurately recording the state of the goods on shipment • The seller’s duties regarding the contractual terms of the bill of lading • Rejection of goods and documents • Fraud in international trade Teaching methods include: • Seminars, where students will be expected to read set secondary and primary sources in advance; • Tutorials, which will give students the opportunity to resolve practical problems in small groups.

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Most contracts for the trading of commodities around the world are governed by English law.

The abbreviations cif and fob have now been common in commercial parlance for many centuries and have generated several variants through successive versions of Incoterms: English contract and commercial law have thus placed an indelible imprint on the law of international trade.

S20 So GA 1979 provides that, unless otherwise agreed, risk will usually pass with but, frequently not the case in international contracts. contracts, risk will pass on shipment, regardless of whether property passes at that and this is so even where the goods have been shipped in unsegregated parcels.

In particular, unlike ownership, risk can pass before the goods have been ascertained, at any rate where the goods form part of a larger, but identified, bulk. There are, however, three situations which require special mention: (1) First, in an contract, where the seller is obliged physically to deliver the goods at the discharge port, risk will often pass at that stage.

(2) Second, where the goods are sold afloat, a c.i.f.

undertakings as to quality may relate back to the time of shipment so that risk of deterioration may be placed on the buyer even if the goods have already deteriorated when the sale contract was that is risk can, in effect, pass retrospectively or from (see the Julia ).8 (3) Third, under many types of c.i.f.

Risk Passing of ownership must be distinguished from the allocation of risk as between seller and buyer, although it is possible for the two to be transferred simultaneously.

The passing of risk transfer from seller to buyer of the responsibility for loss, deterioration or damage to the goods occurring without the fault of either party.

Third, the right to sue the carrier for loss or damage to the goods may depend on establishing ownership.

Finally, the passing of property may also determine the allocation of risk (although, as will be seen, this rule is often displaced in international sale contracts).

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