Under the simple cif contract the buyer's obligation is to pay to the seller the price of the goods in cash on delivery of the documents, namely the bill of lading, invoice and insurance policy1. Other variants in method of payment are, however, common, and it is often a term of the contract that payment is to be made through a documentary letter of credit to be procured by the buyer2. Alternatively, the seller and the buyer may agree, although this has become a far less commonly used method of payment in international sales, that payment is to be made
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.
EXISTING USER? SIGN IN
TAKE A FREE TRIAL
0330 161 1234