(FOB) free on board

(FOB) free on board

"Free on Board" means that the seller fulLfils his obligation to deliver when the goods have passed over the ship's rail at the named port of shipment. This means that the buyer has to bear all costs and risks of loss of or damage to the goods from that point.

The FOB term requires the seller to clear the goods for export.

This term can only be used for sea or inland waterway transport. When the ship's rail serves no-practical purpose. Such as in the case of roll-on/roll off or container traffic the FCA term is more appropriate to use.

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Part of Speech: proper noun
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Blossary: Trade and commerce
Industry/Domain: Transportation; Economy
Category: Shipping; International trade
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