A China based exporter named ITC concludes a CIF contract with a U.K. based importer named D for the sales of Christmas gifts. Two special clauses are stipulated in the contract: (1) shipment from port of Shanghai to main British ports must be effected not later than October 30, D must have the L/C opened and arrive at ITC not later than October 30 within the same year. ITC assures the arrival of the vessel at the port of destination not later than December 1 within the same year. (2) In case the vessel arrives at the port of destination later than December 1, D has the right to cancel the contract, and ITC must refund the total amount to D in the event that the total contracted payment has already be received by ITC.
Question:
According to the definition by INCOTERMS 2010, is the above mentioned contract a genuine CIF contract? State your reasons. If not, which price term is more suitable for the special requirements of the contract? State your reasons.