§ 62A.2-321. C.I.F. or C.&F.: "Net landed weights"; "payment on arrival"; warranty of condition on arrival
Under a contract containing a term C.I.F. or C.&F.
(1) Where the price is based on or is to be adjusted according to "net landed weights", "delivered weights", "out turn" quantity or quality or the like, unless otherwise agreed the seller must reasonably estimate the price. The payment due on tender of the documents called for by the contract is the amount so estimated, but after final adjustment of the price a settlement must be made with commercial promptness.
(2) An agreement described in subsection (1) or any warranty of quality or condition of the goods on arrival places upon the seller the risk of ordinary deterioration, shrinkage and the like in transportation but has no effect on the place or time of identification to the contract for sale or delivery or on the passing of the risk of loss.
(3) Unless otherwise agreed where the contract provides for payment on or after arrival of the goods the seller must before payment allow such preliminary inspection as is feasible; but if the goods are lost delivery of the documents and payment are due when the goods should have arrived.
[1965 ex.s. c 157 § 2-321.]
Sections: Previous 62A.2-314 62A.2-315 62A.2-316 62A.2-317 62A.2-318 62A.2-319 62A.2-320 62A.2-321 62A.2-322 62A.2-323 62A.2-324 62A.2-325 62A.2-326 62A.2-327 62A.2-328 NextLast modified: April 7, 2009