CIP means that the seller delivers the goods – and transfers the risk – to the buyer by handing them over to the carrier or another person nominated by the seller at an agreed place. The seller must contract for and pay the costs of carriage necessary to bring the goods to the named place of destination. It is similar to CPT with the exception that the seller is required to obtain minimum insurance for the goods while in transit.
IP requires the seller to declare for export. However, the seller has no obligation to clear the goods for import or transit.
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