388 Cls Assignment Title Coursework 2 Individual

COURSEWORK 2 Name Institutional Affiliation Question 1 Importation of the fridges from Sam Fridges Ltd based in the USA to the UK involves the transportation of the goods by sea consequently, the incoterms established by the International Chamber of Commerce help in helping the parties decide the terms of sale to use. These terms have been accepted in international trade law as defining each partys risks, obligations, and costs in the process of passing the property in the goods being imported. In the instant case, C D Vet can choose to use Cost, Insurance and Freight (CIF) or Free on Board (FOB) incoterms to transport the fridges from the USA. CIF, as the name suggests, provides that Sam Fridges Ltd is responsible for all the costs, insurance, and freight of fridges while on transit and until they arrive at the port of destination specified in the contract. The seller is thus liable for any loss or damage to the product until they arrive at the destination port after which C D Vet becomes responsible. On the other hand, in FOB contracts, Sam Fridges Ltd is only responsible for costs associated with delivering the goods to a ship identified by C