A settlement agreement usually has two main parts. First, it should include a waiver of legal liability for disputes arising out of the same issue. This provides protection for the parties from a lawsuit over the same issue in the future. Second, it should contain some transfer of assets or rights in exchange for waiving the right to sue. This transfer will often be based upon what the wronged party might expect to win if the issue were litigated in court, but will usually be reduced by a fair amount to reflect the time and expense saved by not litigating […]
The Incoterms Cost and Freight (CFR) and Cost, Insurance and Freight (CIF) mean that the seller is then responsible for loading the products and paying any fees associated with the port and shipping. Therefore, CFR and CIF are commonly used terms in purchase and sale agreements where the buyer has slightly more negotiating power than the seller.
Goods shipped under the condition Cost and Freight (CFR) must be loaded onto the method of transport by the seller. The seller is then responsible for paying any fees associated with the port of loading as well as paying the shipping cost to deliver the goods to the buyer. However, the cost of insurance (if necessary) and all fees associated with the port of call are borne by the buyer.
While a choice of language clause can help clarify which of the versions of the contract is the real one, it is important to have the translation as accurate as possible for a variety of reasons. When drafting a contract, each word carries special meaning and, if a sloppy translation is provided to one party, they may not have an accurate understanding of what the contract really says.