CIF sale – correctness of date of shipment reflected on BOL an essential term
A consignment (one of 3) was shipped from Cheribon (Cirebon), Java, CIF Bombay (Mumbai).
The CIF contract provided for shipment in September.
The BOL incorrectly reflected the shipping date as September instead of October.
Buyers on-sold the sugar at a profit. The subcontract contained a provision that the date entry on the BOL was conclusive proof of the actual date of shipping.
The sub-buyers refused to take delivery on the basis of the incorrect date. The refusal was prompted by a sharp drop in the market.
The buyers sold the sugar at a loss and claimed the difference in price from sellers.
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