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Trade Terms-CIP

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CIP 
CARRIAGE AND INSURANCE PAID TO(…named place of destination)-Freight, insurance premium paid to(... designated destination) means that the seller must bear the same obligation under the CPT term. The buyer's risk of loss or damage to the goods in transit must also be insured against the goods, an insurance contract must be concluded and insurance premiums paid.
(1) the principal obligations of the seller
1. Responsible for delivering goods conforming to the contract to the carrier within the date or period specified in the contract;
2. Responsible for handling export formalities of goods, obtaining export license or other approval;
3. Responsible for the conclusion of the contract of carriage and payment of freight to the destination;
4. Responsible for the conclusion of cargo insurance contracts and payment of insurance premiums;
5. Bear all costs and risks of the goods until they are delivered to the carrier;
6. Responsible for providing commercial invoices and the usual shipping documents for the goods to the agreed destination. If the parties agree to use electronic communications, all documents may be replaced by electronic data interchange information with equal effect.
(2) the main obligations of the buyer
1. Responsible for the payment of the price as stipulated in the contract;
2. To handle the import formalities of goods, obtain import license or other approval;
3. Bear all costs and risks of the goods after delivery to the carrier;
4. Receive the goods delivered by the seller in accordance with the terms of the contract and accept the documents in conformity with the contract.
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