Carriage and Insurance Paid (CIP)

Definition: Carriage and Insurance Paid (indicating the agreed place of destination).

Type of Transport: any type of transport.

Obligations of the Seller:

• Contract and pay the transport of the goods up to the agreed place.
• Make the export formalities for the goods.
• Contract a protective insurance policy for the goods during the transport for a minimum amount of 110 % of its value.

Obligations of the Buyer:

• Bear the risks inherent to the goods since the moment the Seller deliver the goods to the initial carrier, as well as any additional expense during the transit (load, offload, damages in transit, etc.).