Search results
Results from the WOW.Com Content Network
FOB (free on board) is a term in international commercial law specifying at what point respective obligations, costs, and risk involved in the delivery of goods shift from the seller to the buyer under the Incoterms standard published by the International Chamber of Commerce. FOB is only used in non-containerized sea freight or inland waterway ...
CIF requires the seller to insure the goods for 110% of the contract value under Institute Cargo Clauses (A) of the Institute of London Underwriters (which is a change from Incoterms 2010 where the minimum was Institute Cargo Clauses (C)), or any similar set of clauses, unless specifically agreed by both parties.
The CISG describes when the risk passes from the seller to the buyer [48] but it has been observed that in practice most contracts define the seller's delivery obligations quite precisely by adopting an established shipment term, [41] such as FOB and CIF. [49] Remedies of the buyer and seller depend upon the character of a breach of the contract.
Free on Board (FOB) Cost and Freight (CFR, C&F, CNF) Cost, Insurance and Freight (CIF) The term "best way" generally implies that the shipper will choose the carrier that offers the lowest rate (to the shipper) for the shipment.
International commercial contracts are sale transaction agreements made between parties from different countries. [4]The methods of entering the foreign market, [5] with choice made balancing costs, control and risk, include: [6]
The search for missing hiker Susan Lane-Fournier, 61, took a tragic turn after her body was found over the weekend in Welches, Oregon, an unincorporated community at the base of Mount Hood.
If it is a destination contract (FOB (buyer's city)), then risk of loss is on the seller. If it is a delivery contract (standard, or FOB (seller's city)), then the risk of loss is on the buyer. In cases not covered by the foregoing rules, if the seller is a merchant, then the risk of loss shifts to the buyer upon buyer's "receipt" of the goods.
From January 2008 to December 2012, if you bought shares in companies when Thomas H. Kean joined the board, and sold them when he left, you would have a -67.6 percent return on your investment, compared to a -2.8 percent return from the S&P 500.