CIF Contract Clause Samples

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CIF Contract. This type of contract resembles the FOB “with additional services” and is the most comprehensive and widely used international export trade contracts [9] and embodies three different contracts. Contract of sale between seller and buyer. Contract of carriage (seller/carrier and buyer/carrier). [10] Contract of marine insurance. The seller’s obligations include the following [11] : Ship the goods as described in the contract and within agreed shipping period [12] . Arrange for marine insurance. Obtain a ▇▇▇▇ of lading evidencing the contract of carriage by sea. Procure a contract of carriage. Produce a commercial invoice. Tender the documents to the buyer to effect payment. [13] In a CIF contract, the price paid by the buyer would normally be inclusive of all costs up to the agreed port of destination at which point the buyer has a duty to receive the goods. This type of contract as can be seen from above frees the buyer form the seller’s local export customs. Also, this eases the work burden on the buyer of arranging for insurance and freight as he might find it difficult in a foreign country. This type of contract is advantageous to the seller as he is more conversant with the local export customs and would negotiate reduced rates on insurance and freight as a regular exporter and hence reducing the costs for the importing party. Buyer’s duties To accept the documents. Receive the goods at agreed port of destination. Bear all costs incidental to the export. The buyer has to accept the documents even though the goods have not arrived at the port of destination and without knowing as to the condition of the goods at sea as the buyer is protected against damage or loss whilst in transit. The CIF is advantageous to the buyer as the documents could be used as security to obtain bank credit or could sell the goods whilst on high seas if they are for trade purposes.
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Related to CIF Contract

  • Term of Contract The term of this Contract shall be one (1) year commencing on the last date of approval by DIR and Vendor. Prior to expiration of the original term, DIR and Vendor may extend the Contract, upon mutual agreement, for up to three (3) optional one-year terms. Additionally, the parties by mutual agreement may extend the term for up to ninety (90) additional calendar days.

  • MASTER CONTRACT This Master Contract is entered into this 1st day of July, 2014, between Westlake Charter Schools (hereinafter referred to as “LEA”) and CARE Educational Services (hereinafter referred to as “CONTRACTOR”) for the purpose of providing special education and/or related services to LEA students with exceptional needs under the authorization of California Education Code sections 56157, 56361 and 56365 et seq. and Title 5 of the California Code of Regulations section 3000 et seq., AB490 (Chapter 862, Statutes of 2003) and AB1858 (Chapter 914, Statutes of 2004). It is understood that this agreement does not commit LEA to pay for special education and/or related services provided to any LEA student, or CONTRACTOR to provide such special education and/or related services, unless and until an authorized LEA representative approves the provision of special education and/or related services by CONTRACTOR. Upon acceptance of a LEA student, CONTRACTOR shall submit to LEA an Individual Services Agreement (hereinafter referred to as “ISA”) and a Nonpublic Services Student Enrollment form as specified in the LEA Procedures. Unless otherwise agreed in writing, these forms shall acknowledge CONTRACTOR’s obligation to provide all services specified in the student’s Individualized Education Plan (hereinafter referred to as “IEP”). The ISA shall be executed within ninety (90) days of an LEA student’s enrollment. ▇▇▇ and CONTRACTOR shall enter into an ISA for each LEA student served by CONTRACTOR. As available and appropriate, the LEA shall make available access to any electronic IEP system and /or electronic data base for ISA developing including invoicing. Unless placement is made pursuant to an Office of Administrative Hearings (hereinafter referred to as “OAH”) order, a lawfully executed agreement between LEA and parent or authorized by ▇▇▇ for a transfer student pursuant to California Education Code section 56325, ▇▇▇ is not responsible for the costs associated with nonpublic agency placement until the date on which an IEP team meeting is convened, the IEP team determines that a nonpublic agency placement is appropriate, and the IEP is signed by the LEA student’s parent.

  • TIME OF CONTRACT This Contract shall commence on , and shall terminate on . Certificate(s) of Insurance must be current on day Contract commences and if scheduled to lapse prior to termination date, must be automatically updated before final payment may be made to Contractor. The final invoice must be submitted within 30 days of completion of the stated scope of services.

  • Type of contract Services

  • Service Contract The Parties intend this Agreement to be a “service contract” within the meaning of Section 7701(e)(3) of the Internal Revenue Code of 1986. Purchaser will not take the position on any tax return or in any other filings suggesting that it is anything other than a purchase of electricity from the System.