QUESTION $32$

How do delivery terms, often outlined using Incoterms such as CIF $($Cost$,$ Insurance, and Freight, function within international contracts to define the responsibilities of buyers and sellers in the shipping process, and what implications do these terms have on the risk transfer and financial obligations of the involved parties? Delivery terms like CIF place the responsibility of cost$,$ insurance, and freight solely on the buyer, transferring the risk and financial obligations to the seller once the goods are loaded onto the shipping vessel

Incoterms such as CIF are used in interrusbonal contracts to outline

that the seller pays for the cost, insurance, and freight of the goods being transported, with the risk transferring to the buyer once the goods are loaded onto the shipping vessel, thereby defining clear financial obligations and risk transfer between the parties Delivery terms under Incoterms are not typically included in international contracts as they do not significantly affect the responsibilities or financial obligations of the invived

parties

Incoterms like CIF dictate that the buyer must handle all aspects of shipping, including cost, insurance, and freight, without transferring any risk to the seller until the goods are