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CIP

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Glossaries

Term Definition
CIP

The term means that the seller is obliged to conclude a contract of carriage and bear the transportation costs necessary to deliver the goods to the agreed destination and conclude an insurance contract with minimal coverage covering the risk of loss or damage to the goods during transportation.

When using the termsCIPthe seller fulfills his delivery obligation when he transfersproductto the carrier, or another person nominated by the seller, at an agreed place (if such a place is agreed by the parties), and not when the goods have reached their destination.

Synonyms:Carriage and Insurance Paid to, Cost and insurance paid to