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With CIP terms being used at what point does the buyer take ownership of goods, it is my understanding that even if the seller is paying for the freight and insurance that the buyer takes ownership at point of freight being loading on the truck from seller site.n your explaination, you mentioned that CIP to the âNamed PORT of Destinationâ. But, the reference book that I have showed it should be âName PLACE of Destinationâ. What is the diffirence of the two. I often come accross shipper putting CIP MNL.
CIP-Carriage and Insurance Paid (2000 and 2010). This term is the same as CPT with the exception that the seller also has to procure insurance against the buyer's risk of loss or damage to the goods during the carriage.his term means that the seller delivers when the goods are placed alongside the vessel at the named port of shipment. The seller is required to clear the goods for export. The buyer has to bear all costs & risks of loss or damage to the goods from that moment. This term can be used for sea transport only.