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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.
The Chartered Institute of Procurement and Supply (CIPS) promotes a model of five rights which it claims are a traditional formula expressing the basic objectives of procurement and the general criteria by which procurement performance is measured, namely that goods and services purchased should be of the right quality, in the right quantity, delivered to the right place at the right time and obtained at the right price.