1. A "CIF sale" is a sale concluded against a lump sum covering, in addition to the sold item price, the price of the item sold, the maritime insurance charges and freightage by vessel to the port of destination. 2. Goods shall be considered as having been delivered to the buyer upon completion of shipment by the vessel, and the liability for perishing of such goods shall from that moment be borne by the buyer. 3. Where the seller fails to provide insurance coverage, the sale shall be deemed a (C&F) sale.
Interpretation and application must be checked against the official text and current version.