13:13
i heard the group interview is really chill and I'm kinda excited to do it
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Simple English definitions for legal terms
CIP
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A quick definition of CIP:
Term: CIP
Definition: CIP stands for Continuation-in-Part and Carriage and Insurance Paid To. Continuation-in-Part refers to a type of patent application that adds new information to an existing patent application. Carriage and Insurance Paid To is a shipping term that means the seller is responsible for delivering the goods to a specified destination and paying for the transportation and insurance costs.
A more thorough explanation:
CIP
CIP is an abbreviation that can stand for two different things:
- Continuation-in-part: This is a type of patent application that adds new material to an existing patent application. The new material can be a modification, improvement, or addition to the original invention.
- Carriage and Insurance Paid To: This is a shipping term that means the seller is responsible for delivering the goods to a specified destination and paying for the transportation and insurance costs.
- A company files a continuation-in-part patent application to add a new feature to their existing product.
- A seller agrees to ship a product to a buyer using CIP terms, which means the seller is responsible for arranging and paying for the shipping and insurance.
The examples illustrate the two different meanings of CIP. In the first example, the company is using CIP to modify an existing patent application. In the second example, the seller is using CIP to indicate that they will cover the shipping and insurance costs for the product being sold.