Sassoon: CIF and FOB Contracts explains and analyses the law of contracts for the sale of goods carried by sea, in particular the Cost, Insurance and Freight (CIF) and Free on Board (FOB) terms. The work is a thorough and detailed study of this important area of commercial law, focusing on both providing clear and exhaustive guidance on the contractual and legal issues surrounding the performance of these commonly used terms and suggesting drafting solutions for loss prevention purposes.
- Sets CIF and FOB sales in a commercial and legal context, explaining the global trade environment and legal systems in which they operate.
- Outlines the rule around the passing of the risk and transfers of property, and exceptions thereto.
- Defines a CIF sale, the essential elements of its contract and the variants which can exist.
- Covers shipment, including duties, description of goods, fitness for purpose, quantity, time, place and route of shipment, as well as the ship and destination.
- Explains bills of lading and other transport documents which may be relevant to a CIF contract.
- Describes the insurance cover and documents consequent of the use of a CIF contract.
- Covers other relevant documents, like export licences, certificates and commercial invoices
- Analyses buyers’ obligations under a CIF sale, including payment, compliance with formalities and the duty to nominate a destination if not fixed by the contract.
- Discusses the most common FOB variants and their history
- Explains the duties of the seller regarding delivery, loading, stowing, packaging, documentary duties, bills of lading and export licences.
- Sets out buyers’ obligations under an FOB sale, covering the duty to make an effective nomination, cost and liabilities under shipping, export and import licences and payment of the price.
- Covers insurance issues under FOB contracts.
- Discusses how the doctrine of force majeure and frustration can be used in the context of specific CIF and FOB contract clauses.
- Explains the various remedies available, including cases of waiver, estoppel, breach, statutory remedies and damages.
- Addresses difficult questions around conflict of laws, covering jurisdictional and arbitration issues, as well as common law options and the issue of which conventions/regulations determine the law.
New to edition:
- Covers the Incoterms 2020 rules
- Updates coverage of damages, following two key recent appeals
- Explains the impact of increased trade restrictions