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CIP incoterms or “Carriage and Insurance Paid to” states that the seller is responsible for bringing the goods to destination and payment of the cost of international freight as well as insurance costs. Unlike other Incoterms the transfer of risk is made at the time that the goods have been loaded on board the means of transport.
The FCA Incoterm is versatile as in can be used irrespective of the mode of transport.
BUYER’S OBLIGATIONS UNDER CIP
Delivery of goods and documents required
Packaging and wrapping
Inland transport in the country of origin
Customs at origin
SELLER’S OBLIGATIONS UNDER CIP
Payment of the goods
Customs on arrival
Inland transport at the destination country
Payment of fees