Mode of Transport: Any, as many modes as required
Applicable for Domestic Trade: Yes
Applicable for String Sales: No
Applicable for Goods Moving in Containers: Yes
Delivery Condition: The seller delivers the goods to the carrier or another person nominated by the seller at an agreed place if any such place is agreed between the parties (address).
Point of Risk Transfer: Specific point within the named place of delivery
Point of Cost Transfer: Specific point within the named place of destination
Rules for Quote (Quotation): [currency] [price] CIP [named place of destination] Incoterms® 2020
Example of Quote (Quotation): $150,000 CIP, 2100 Bloor St. West, Toronto, ON, Canada, M6S 5A5, Incoterms® 2020
Packaging: Seller’s responsibility and cost
Export Clearance & Security: Seller’s responsibility and cost
Inspection: Seller’s responsibility and cost, only if the inspection is mandated by local authorities
Loading: Seller’s responsibility and cost
Carriage: Buyer’s responsibility BUT Seller’s cost
Insurance: Buyer’s responsibility BUT Seller’s cost
Import Clearance & Security: Buyer’s responsibility and cost
Unloading: Buyer’s responsibility and cost, unless unloading cost is included in the contract of carriage.
Notification: The Seller timely notifies the Buyer when and where the goods have been delivered. The Buyer timely notifies the Seller the dispatching time and the point of taking goods.
Documentation: The Seller must provide the Buyer with the transport document. The Buyer must accept transport document.