(1) The term "C.I.F." means that the price includes in a lump sum the cost of the goods and the insurance and freight to the named destination. The term "C. & F." or "C.F." means that the price so includes cost and freight to the named destination.
(2) Unless otherwise agreed and even though used only in connection with the stated price and destination, the term "C.I.F. destination" or its equivalent requires the seller at his own expense and risk to:
Put the goods into the possession of a carrier at the port for shipment and obtain anegotiable bill or bills of lading covering the entire transportation to the named destination; and
Load the goods and obtain a receipt from the carrier (which may be contained in thebill of lading) showing that the freight has been paid or provided for; and
Obtain a policy or certificate of insurance, including any war risk insurance, of a kindand on terms then current at the port of shipment in the usual amount, in the currency of the contract, shown to cover the same goods covered by the bill of lading and providing for payment of loss to the order of the buyer or for the account of whom it may concern; but the seller may add to the price the amount of the premium for any such war risk insurance; and
Prepare an invoice of the goods and procure any other documents required to effectshipment or to comply with the contract; and
Forward and tender with commercial promptness all the documents in due form andwith any indorsement necessary to perfect the buyer's rights.
Unless otherwise agreed the term "C. & F." or its equivalent has the same effect andimposes upon the seller the same obligations and risks as a "C.I.F." term except the obligation as to insurance.
Under the term "C.I.F." or "C. & F.", unless otherwise agreed, the buyer must makepayment against tender of the required documents and the seller may not tender nor the buyer demand delivery of the goods in substitution for the documents.
Source: L. 65: p. 1314, § 1. C.R.S. 1963: § 155-2-320.