The purpose of the chip is to quickly lift the ball over short distances.  It is a very skilful chip that, done correctly, will set your team players up perfectly.  Although it lacks in power, it has tremendous precision and backspin that result in an accurate, controlled pass out of a difficult position. 

Use the lower part of the foot (not the toe) to contact low down on the ball in a stabbing motion.  The knee of the kicking foot remains bent and high throughout the stroke.  Try to place the non-kicking foot slightly behind the ball in order to stop the follow through.  A good practice drill for this move is to make circular areas on the ground or wall to aim for.  Practise chipping the ball into the box for your mates.