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The full form of CIP is “Carriage and Insurance Paid to.” It is a part of International Commercial Terms (INCOTERMS) which are 11 in total. This is an amount the seller pays to deliver goods at the place of shipment. Remember this is not the destination. Once it reaches this place of shipment, the buyer is now responsible for taking care of the goods. Moreover, the seller is responsible for the cargo delivery, and the advance associated with it.
CIP Insurance
Table of Contents
It is one of the two incoterms which require to have insurance. The first one is CIF, and the other one is CIP. The seller, in both these incoterms, has to get the insurance and is partly responsible for it.
Seller’s Obligations Under the CIP Incoterm
- Documents and goods have to be delivered
- Wrapping and packaging
- Delivery fees in the country of origin
- Customs fees at the origin
- Origin charges
- International Freight
- Insurance
Byer’s Obligations Under the CIP Incoterm
- Patent when goods are received
- Charges of destination
- Customs fees at the destination
- Delivery fees in the country of destination
- Payment of duties and taxes
Also Read- How to Become an Insurance Agent?
Other Full Forms of CIP
- Continuous Improvement Programme
- Classification of Instructional Programs
- Central Institute of Psychiatry
- Customer Identification Program
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These are all the full forms of CIP. Do you want to know more full forms like this? In the world of short forms, you can rely on our page to know more! Get in touch with our study abroad experts to achieve your international dream today!