Chapter TWO:International Sales … continued

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Chapter TWO:International Sales … continued College of Law, Al-Mustansiriyah U. Fourth Year Course in Mercantile Contracts 2016-2017 First semester Lecture #9 Chapter TWO:International Sales … continued Focus on incoterms

Variance in seller and buyer duties and obligations The duties and obligations for the seller and buyer are different in each incoterm according to its requirements. In C & F the seller pays cost and freight, and risk is transferred to the buyer after goods pass the ship's rail. CIF requires the seller to procure insurance against risk and damage.

Term, word and phrase meaning Freight, damage, cost, insurance, premium, procure, marine, carriage, contracts with, insurer.