8.2-321 - C.I.F. or C. & F.: "Net landed weights"; "payment on arrival"; warranty of condition on arrival. - Virginia Statutes

§ 8.2-321. C.I.F. or C. & F.: "Net landed weights"; "payment on arrival";warranty of condition on arrival.

Under a contract containing a term C.I.F. or C. & F.

(1) Where the price is based on or is to be adjusted according to "netlanded weights," "delivered weights," "out turn" quantity or quality orthe like, unless otherwise agreed the seller must reasonably estimate theprice. The payment due on tender of the documents called for by the contractis the amount so estimated, but after final adjustment of the price asettlement must be made with commercial promptness.

(2) An agreement described in subsection (1) or any warranty of quality orcondition of the goods on arrival places upon the seller the risk of ordinarydeterioration, shrinkage and the like in transportation but has no effect onthe place or time of identification to the contract for sale or delivery oron the passing of the risk of loss.

(3) Unless otherwise agreed where the contract provides for payment on orafter arrival of the goods the seller must before payment allow suchpreliminary inspection as is feasible; but if the goods are lost delivery ofthe documents and payment are due when the goods should have arrived.

(1964, c. 219.)