(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.

0 0

Improve it

Add an image

Part of Speech: proper noun
Synonym(s):
Blossary: Trade and commerce
Industry/Domain: Transportation; Economy
Category: Shipping; International trade
Company:
Product:
Acronym-Abbreviation:

Collect to Blossary

Other Languages:

Terms in the News

Billy Morgan

Sports; Snowboarding

The British snowboarder Billy Morgan has landed the sport’s first ever 1800 quadruple cork. The rider, who represented Great Britain in the 2014 Winter Olympics in Sochi, was in Livigno, Italy, when he achieved the man-oeuvre. It involves flipping four times, while body also spins with five complete rotations on a sideways or downward-facing axis. The trick ...

Marzieh Afkham

Broadcasting & receiving; News

Marzieh Afkham, who is the country’s first foreign ministry spokeswoman, will head a mission in east Asia, the state news agency reported. It is not clear to which country she will be posted as her appointment has yet to be announced officially. Afkham will only be the second female ambassador Iran has had. Under the last shah’s rule, Mehrangiz Dolatshahi, a ...

Weekly Packet

Language; Online services; Slang; Internet

Weekly Packet or "Paquete Semanal" as it is known in Cuba is a term used by Cubans to describe the information that is gathered from the internet outside of Cuba and saved onto hard drives to be transported into Cuba itself. Weekly Packets are then sold to Cuban's without internet access, allowing them to obtain information just days - and sometimes hours - after it ...

Asian Infrastructure Investment Bank (AIIB)

Banking; Investment banking

The Asian Infrastructure Investment Bank (AIIB) is an international financial institution established to address the need in Asia for infrastructure development. According to the Asian Development Bank, Asia needs $800 billion each year for roads, ports, power plants or other infrastructure projects before 2020. Originally proposed by China in 2013, a signing ...

Spartan

Online services; Internet

Spartan is the codename given to the new Microsoft Windows 10 browser that will replace Microsoft Windows Internet Explorer. The new browser will be built from the ground up and disregard any code from the IE platform. It has a new rendering engine that is built to be compatible with how the web is written today. The name Spartan is named after the ...