                                 CODE OF VIRGINIA

C.I.F. AND C. &#038; F. TERMS (§ 8.2-320)

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. &amp;
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 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 endorsement necessary to perfect the buyer&#8217;s rights.

3. Unless otherwise agreed the term C. &amp; 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. &amp; 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.

HISTORY: 1964, c. 219.