N.Y. Uniform Commercial Code Law § 2-321: C

Section 2--321. C. I. F. or C. & F.: "Net Landed Weights"; "Payment on

Arrival"; Warranty of Condition on Arrival.

Under a contract containing a term C. I. F. or C. & F.

(1) Where the price is based on or is to be adjusted according to "net

landed weights", "delivered weights", "out turn" quantity or quality or

the like, unless otherwise agreed the seller must reasonably estimate

the price. The payment due on tender of the documents called for by the

contract is the amount so estimated, but after final adjustment of the

price a settlement must be made with commercial promptness.

(2) An agreement described in subsection (1) or any warranty of

quality or condition of the goods on arrival places upon the seller the

risk of ordinary deterioration, shrinkage and the like in transportation

but has no effect on the place or time of identification to the contract

for sale or delivery or on the passing of the risk of loss.

(3) Unless otherwise agreed where the contract provides for payment on

or after arrival of the goods the seller must before payment allow such

preliminary inspection as is feasible; but if the goods are lost

delivery of the documents and payment are due when the goods should have

arrived.