carriage and insurance paid to
carriage and insurance paid to. A mercantile-contract term allocating the rights and duties of the buyer and the seller of goods with respect to delivery, payment, and risk of loss, whereby the seller must (1) clear the goods for export, (2) procure and pay for insurance against the buyer’s risk of damage while the goods are in carriage, (3) deliver the goods to the buyer’s chosen carrier, and (4) bear the costs of carriage (apart from import duties) to the named destination. • When the goods are delivered to the carrier, the seller’s delivery is complete; the risk of loss then passes to the buyer. Any mode of transportation can be used to carry the goods. — Abbr. CIP. Cf. CAR-RIAGE PAID TO.
