incoterms-2010

CIP (insert named place of destination) Incoterms 2010

Carriage and Insurance paid to... means that the seller delivers the goods to the carrier nominated by him but the seller must in addition pay the cost of carriage necessary to bring the goods to the named destination. This means that the buyer bears all risks and any additional costs occurring after the goods have been so delivered. However, in CIP the seller also has to procure insurance against the buyer's risk of loss of or damage to the goods during the carriage. Consequently, the seller contracts for insurance and pays the insurance premium. The buyer should note that under the CIP term the seller is required to obtain insurance only on minimum cover (Refer to Introduction paragraph 9.3).

the buyer wish to have the protection of greater cover, he would either need to agree as much expressly with the seller or to make his own extra insurance arrangements.

Carrier means any person who, in a contract of carriage, undertakes to perform or to procure the performance of transport, by rail, road, air, sea, inland waterway or by a combination of such modes.

If subsequent carriers are used for the carriage to the agreed destination, the risk passes when the goods have been delivered to the first carrier.

The CIP term requires the seller to clear the goods for export. This term may be used irrespective of the mode of transport including multimodal transport.

CIP place of destination

CIP Seller pays for:
  • Packing suitable formain transport
  • Loading charges
  • Delivery to terminal
  • Customs clearance for export
  • Export taxes and duties
  • Loading on board
  • Freight charges
  • Terminal charges arrival
  • Delivery to final destination
  • Insurance
CIP Buyer pays for:
  • Demurage storage charges on terminal due to customs clearance.
  • Customs clearance for import
  • Import taxes and duties
  • Unloading at destination
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Incoterms 2010

EXW Incoterms 2010 Incoterm 2010 Ex works | FCA Incoterms 2010 Free Carrier Incoterm | FOB Incoterms 2010 Free on Board Incoterms| FAS Incoterms 2010 Free Along Sides | CFR Incoterms 2010 Cost and Freight | CIF Incoterms 2010 Costs Insurance and Freight | CPT Incoterms 2010 Carriage Paid to | CIP Incoterms 2010 Carriage and Insurrance Paid to | DAT Incoterms 2010 Delivered at Terminal | DAP Incoterms 2010 Delivered at Place | DDP Incoterms 2010 Delivery and Duty Paid to

INCOTERMS

Incoterms 2010 is the latest version | Don't use FOB Incoterms transport in containers | Don't use FAS for air cargo | Don't use CFR Incoterms for rail freight | Don't use CIF Incoterms for truckloads | Do not use fob - fas - cfr - cif for air cargo |

Retired INCOTERMS

FOR Free on rail | FOT Free on truck | C&F Cost and freight | DES Ex ship | DEQ Ex quay | DAF Delivered at frontier | DDU Delivered duty unpaid

Fake INCOTERMS

Incoterms FOC Free of charge | Incoterms FOP Free on plane | Incoterms 2005 | Incoterms 2015 | Incoterms 2016 | Incoterms 2017 | Incoterms 2018 | Incoterms 2019

New INCOTERMS

Incoterms 2020 |