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CIP requires the seller to insure the goods for 110% of the contract value under Institute Cargo Clauses (A) of the Institute of London Underwriters (which is a change from Incoterms 2010 where the minimum was Institute Cargo Clauses (C)), or any similar set of clauses, unless specifically agreed by both parties.
Moens, Gabriel and Gillies, Peter; International Trade and Business: Law, Policy and Ethics (2nd ed, 2006) Pryles, Michael; Waincymer, Jeff and Davis, Martin; International Trade Law (2nd ed, 2004) Todd, Paul; Cases and Materials on International Trade Law (1st ed, 2003) van Houtte, Hans ; The Law of International Trade (1st ed, 1995)
FOB (free on board) is a term in international commercial law specifying at what point respective obligations, costs, and risk involved in the delivery of goods shift from the seller to the buyer under the Incoterms standard published by the International Chamber of Commerce. FOB is only used in non-containerized sea freight or inland waterway ...
A Customer Identification Program (CIP) is a United States requirement, where financial institutions need to verify the identity of individuals wishing to conduct financial transactions with them and is a provision of the USA Patriot Act.
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The codification of commercial law during the 19th century was a significant turning point, as various regions began to formalize commercial regulations into comprehensive codes. The adoption of legal codes allowed for greater uniformity and reliability in the commercial sector, reducing uncertainties and disputes.
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The official 2007 edition of the UCC. The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States.