Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 2-321
C
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 2, PART 3
Section 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.