Common Contracts
1 similar Cif Contract contracts
THE COST INSURED FREIGHT (CIF) CONTRACTCif Contract • October 5th, 2004
With the development of modern communications such as the telex and marine insurance it became common for the seller to arrange everything and to retain the bill of lading till payment from the 1860ʹies onwards. The seller sends the three copies of the bill of lading issued to him overland or by airmail to the buyer who customarily received them before the goods arrived. Today Banker’s Irrevocable Documentary Credits and Bankerʹs Irrevocable Confirmed Documentary Credits are facilitated by airmail. The c.i.f. sales contract depends on rapid communications and is considered to be a more convenient method of contracting than f.o.b.
