Please answer these questions based on the case scenario.
You are a freight forwarder who has received a call from a Canadian export customer. This customer is negotiating a sales contract for a bulk shipment of beans to a large buyer (food wholesaler) located in France. This would be their first order with this company. The buyer is prepared to accept their best CFR price to the port of Le Havre, France of $60,000.00 CAD. The buyer has requested that the seller issue a draft for the full invoice amount upon shipment with terms 30 days sight sent to his bank. The buyer also requests that the shipment documents (3/3 set bill of lading, certificate of origin, invoice and packing list) be sent directly to his office within 5 business days from the on board date. Your customer (the seller) is unsure whether to agree to all of these terms and seeks your advice.
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Question 11: If the seller sold this shipment CIF what would be the minimum insurable value required for this shipment under incoterms 2020 version? Show your calculation and discuss what are the changes to the Incoterms 2010 rules regarding insurance.
Question 12: List the the 2 main resposibilities for the Buyer under CFR incoterm
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