Wort Inc manufacturers heavy roadbuilding equipment in Yarmouth, Nova Scotia. Over the years it has acquired an excellent reputation and now has clients worldwide. Recently it was contacted by the government roadbuilding authority in Senegal, a country in West Africa, and asked for a quote on the price of a road grader delivered to Dakar, Senegal. Wort replied, stating that a road grader would be $750 000 "CIF Dakar." Explain what the responsibilities of the parties under the INCOTERM "CIF" would be in this instance.

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The Answer of Wort Inc manufacturers heavy roadbuilding equipment in Yarmouth, Nova Scotia. Over the years it has acquired an excellent reputation and now has clients worldwide. Recently it was contacted by the government roadbuilding authority in Senegal, a country in West Africa, and asked for a quote on the price of a road grader delivered to Dakar, Senegal. Wort replied, stating that a road grader would be $750 000 "CIF Dakar." Explain what the responsibilities of the parties under the INCOTERM "CIF" would be in this instance.

Wort Inc Manufacturers Heavy Roadbuilding Equipment in Yarmouth, Nova Scotia