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Unformatted text preview: way. 7. Delivery- Delivery indicates that it is a destination contract. The seller has the obligation to deliver the goods to the destination, not simply deliver them into the hands of a carrier. The seller bears the risk of loss until the goods are delivered at their destination. Typically, the seller will have bought insurance to cover the risk. 8. Insurance- Delivery terms are commonly placed in all contracts. Such terms determine who pays freights and other costs, and, in the absence of an agreement specifying otherwise, who bears the risk of loss. 9. Insolvency or Financial Failure of Buyer/Seller- This clause protects a party if the other party should become financially unable to fulfill the obligations under the contract. This if the seller cannot afford to deliver, or the buyer cannot afford to pay, for that stated reason, the other party can consider the contract breached....
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