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Is the buyer request reasonable

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Under a CIF contact, the goods had been loaded on board the vessel according to the terms of the contract. An hour after the departure, the vessel struck a rock and sank. The next day, the seller presented the required documents including shipping documents, insurance policy and commercial invoice to the buyer and demanded payment. But the buyer refused to make payment claiming that the goods have been damaged, and suggested the seller to claim the compensation from the insurance company directly.

Question: Is the buyer's request reasonable? Which party shall bear the risk? Explain briefly.

Reference no: EM132942049

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