N.Y. UCC Law § 2-321

Section 2--321. C. I. F. or C. & F.: "Net Landed Weights"; "Payment on\n Arrival"; Warranty of Condition on Arrival.\n Under a contract containing a term C. I. F. or C. & F.\n (1) Where the price is based on or is to be adjusted according to "net\nlanded weights", "delivered weights", "out turn" quantity or quality or\nthe like, unless otherwise agreed the seller must reasonably estimate\nthe price. The payment due on tender of the documents called for by the\ncontract is the amount so estimated, but after final adjustment of the\nprice a settlement must be made with commercial promptness.\n (2) An agreement described in subsection (1) or any warranty of\nquality or condition of the goods on arrival places upon the seller the\nrisk of ordinary deterioration, shrinkage and the like in transportation\nbut has no effect on the place or time of identification to the contract\nfor sale or delivery or on the passing of the risk of loss.\n (3) Unless otherwise agreed where the contract provides for payment on\nor after arrival of the goods the seller must before payment allow such\npreliminary inspection as is feasible; but if the goods are lost\ndelivery of the documents and payment are due when the goods should have\narrived.\n