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What is carriage and insurance paid to (CIP)?

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C / Carriage and Insurance Paid to (CIP)

One of the Incoterms used in freight transportation. Under CIP, the seller is responsible for carriage to a destination agreed with the buyer, export customs clearance, and risk for the journey from origin to the agreed destination. The buyer is responsible for import customs clearance, handling at the agreed destination, onward transportation, risk from the point of handover, and unloading into a warehouse.

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