CIP Trade Terms-Shipping Terms-CIP International

In trade terms, CIP (Carriage and Insurance Paid to), freight and insurance fees are paid to (designated destination), the term can be used for any mode of transportation. The CIP trade term refers to the delivery of the goods to the carrier designated by the seller. The seller must also apply for marine insurance for the buyer ’s goods during the transportation, which should be borne by the buyer. All risks and additional costs.

CIP meaning

In trade terms, CIP (Carriage and Insurance Paid to), freight and insurance fees are paid to (designated destination), the term can be used for any mode of transportation. The CIP trade term refers to the delivery of the goods to the carrier designated by the seller. The seller must also apply for marine insurance for the buyer ’s goods during the transportation, which should be borne by the buyer. All risks and additional costs.

Duties and responsibilities of buyers and sellers

Seller:

1. The goods and commercial invoices or equivalent electronic messages that meet the requirements of the sales contract must be provided, as well as any other evidence that the contract may require to prove that the goods comply with the contract.

2. The seller must obtain any export license or other official license at his own risk and expense, and handle all customs formalities required for the export of goods when customs formalities are required.

3. The seller must pay at his own expense, enter into a contract of transportation under normal conditions, and transport the goods to the agreed point of the designated destination according to the usual route and customary methods.

4. The seller must obtain insurance for the goods at his own expense in accordance with the provisions of the contract, and provide the buyer with an insurance policy or other insurance evidence so that the buyer or any other person with an insurance interest in the goods has the right to claim compensation directly from the insurer.

5. At the time and place stipulated in the contract, put the goods in accordance with the contract under the control of the carrier designated by the buyer, and notify the buyer in time.

buyer:

1. The buyer must pay for the goods in accordance with the provisions of the sales contract.

2. The buyer must obtain the import license or other official approval documents at his own risk and expense, and handle all customs fees for the import of goods and transit transportation through other countries.

3. The buyer must collect the goods at the designated place in the destination.

4. The buyer must bear all risks of loss or damage of the goods since the goods were handed over to the carrier or other person or first carrier.

5. The buyer must pay all costs related to the goods and all costs of the goods in transit until they reach their destination since the goods were handed over to the carrier or other person or the first carrier. The buyer pays the unloading fee and all additional costs arising from the expiration of the delivery period, as well as customs procedures, all customs duties, taxes and other fees paid for the import of goods and transit transportation through other countries.

6. The buyer must notify the seller of the delivery time and destination designated place of receipt.

7. The buyer must receive the transport documents in accordance with the agreement.

8. The buyer must pay the seller the documents or equivalent electronic data issued by the country of origin or country of origin required to obtain the import of the goods or transit through other countries.