Advantages And Disadvantages Of CIF Contracts
Moreover, the CIF contracts only state port of destination of the goods. Because of this nature of the contract it is possible someone to sell cargo already in transit/afloat to another Buyer by simply contracting a new CIF between them and endorsing the bill of lading to the bona fide holder. This statement is being supported by the Hindley and Co Ltd v East Indian Produce Co Ltd court decision which briefly says that the seller may have bought the goods from a third party and resale them or even shipped them first and search for buyer while the cargo already in transit. The responsibility of the seller, stops when he tenders and endorse the bill of lading and the other documents stated, to the buyer. In Law and Bonar Ltd v British American Tobacco Ltd held that, any clauses stating something different than the central obligations or trying to limit them or exclude seller/buyer from any responsibility, to be null and void and the clause repugnant. 3.2.1 Advantages and Disadvantages of CIF Contracts The biggest advantage of the CIF contracts, as stated before, is the sell afloat ratio. One more reason why the CIF contracts are so appealing is the price that buyer is called to pay. He pays only once with no concerns about the freight rates, the place of origin of the insurance cost etc. On the other hand, CIF contracts have been defined as a simple trade of documents. That means that, if the seller forward and tender documents to the buyer, the latter can reject
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