The Series of Seminars on Maritime Law is back, with new insightful sessions that aim to guide participants in exploring the multiple facets of maritime law. This second seminar of the series will look into “CIF & FOB contracts”, and the carriage of goods by sea.
CIF & FOB Contracts
There are no other more popular terms for the sale of goods that are to be carried by sea. CIF & FOB — short for “cost, insurance and freight” and “free on board” — can be used either in a purely common law sense or modified by contract. The terms set out the obligations of the buyer and seller vis-à-vis the loading of the goods, procurement of the shipment contract, financing of the sale contract and insurance coverage over the goods. This seminar will touch on all of these aspects, and the remedies available to both buyer and seller when there is a breach of the sale contract.
Carriage of Goods by Sea
Carrying goods by sea remains by far the most popular modeof transport, for the simple reason that it is economical. This seminar will examine the various documents issued in a carriage of goods by sea, and the distinction between time, voyage and bareboat charter parties. It will also look at the functions of a bill of lading, the most important document in the carriage. The seminar will end with a discussion of the representations that a bill of lading may carry and the legal effect of those representations.