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What are the main responsibilities of the seller and buyer when goods are sold on a CIF basis?

MCA Oral Exam Questions
Typography

The seller must pay the costs and freight necessary to bring the goods to the named destination, but the risk of loss of or damage to the goods, and of any cost increases, is transferred from the seller to the buyer when the goods pass the ship's rail at the loading port. The seller must also, on behalf of the buyer, obtain insurance cover for the carriage.

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