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CIP is the Incoterm that defines the responsibilities and obligations of the seller and buyer.

CIP

(Carriage & insurance Paid to)

The seller must pay the costs and freight required in bringing the goods to the named port of destination. This term requires the seller to clear the goods for export. The seller has the responsibility of obtaining insurance against the buyer's risk of loss or damage of goods during the carriage to the named destination. The risk of loss or damage to the goods occurring after the delivery has been made to the carrier is transferred from the seller to the buyer. This term can be used for all modes of transport.

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Q: What is CIP in Letter of Credit?
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