The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 9A V.S.A. § 2-320)
-
§ 2—320. C.I.F. and C. & F. terms
(1) The term C.I.F. means that the price includes in a lump sum the cost of the goods
and the insurance and freight to the named destination. The term C. & F. or C.F.
means that the price so includes cost and freight to the named destination.
(2) Unless otherwise agreed and even though used only in connection with the stated price
and destination, the term C.I.F. destination or its equivalent requires the seller
at his or her own expense and risk to:
(a) put the goods into the possession of a carrier at the port for shipment and obtain
a negotiable bill or bills of lading covering the entire transportation to the named
destination; and
(b) load the goods and obtain a receipt from the carrier (which may be contained in the
bill of lading) showing that the freight has been paid or provided for; and
(c) obtain a policy or certificate of insurance, including any war risk insurance, of
a kind and on terms then current at the port of shipment in the usual amount, in the
currency of the contract, shown to cover the same goods covered by the bill of lading
and providing for payment of loss to the order of the buyer or for the account of
whom it may concern; but the seller may add to the price the amount of the premium
for any such war risk insurance; and
(d) prepare an invoice of the goods and procure any other documents required to effect
shipment or to comply with the contract; and
(e) forward and tender with commercial promptness all the documents in due form and with
any indorsement necessary to perfect the buyer’s rights.
(3) Unless otherwise agreed the term C. & F. or its equivalent has the same effect and
imposes upon the seller the same obligations and risks as a C.I.F. term except the
obligation as to insurance.
(4) Under the term C.I.F. or C. & F. unless otherwise agreed the buyer must make payment
against tender of the required documents and the seller may not tender nor the buyer
demand delivery of the goods in substitution for the documents.