Influence Points, how do they work when traded?

I'm a little vague on how IPs are traded, and what exactly are they good for? Can I spend them somewhere? I know they have something to do with the UFP votes, but are they "used up" when a vote is taken?
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They are used for voting on resolutions in the UP. When you vote they're used up and then accumulate again over time. Selling them just gives your trade partner so much points for the next meeting.

~SDC~