Question
A buyer and seller entered into a CIF (Cost, Insurance,
Freight) contract. The seller shipped the goods and handed over the bill of lading and insurance documents to the buyer. Before the goods reached the destination, they were destroyed at sea. Who bears the risk?Solution
In a CIF contract, risk passes to the buyer once goods are shipped and documents are delivered. The buyer is now protected through the insurance arranged by the seller but bears the risk of loss.
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