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CIP – Carriage and Insurance paid to … (Place of Destination)
• The seller clears the goods for export and is responsible for deliver the goods at the agreed place of shipment.
• The seller must pay the cost of carriage, but seller’s risk ends at place of shipment.
• The seller must procure the minimum insurance until the named place of destination.
• The buyer has the option to contract additional insurance.
• The risk is passed when the goods are received by the first carrier. This term can be used for any mode of transportation.
