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"FOB destination" means the transfer occurs the moment the goods are removed from the transport at the destination. "FOB origin" (also sometimes phrased as "FOB shipping" or "FOB shipping point") indicates that the sale is considered complete at the seller's shipping dock, and thus the buyer of the goods is responsible for freight costs and ...
For example, $225K would be understood to mean $225,000, and $3.6K would be understood to mean $3,600. Multiple K's are not commonly used to represent larger numbers. In other words, it would look odd to use $1.2KK to represent $1,200,000. Ke – Is used as an abbreviation for Cost of Equity (COE).
On the other hand, the buyer pays cost of marine freight transportation, bill of lading fees, insurance, unloading and transportation cost from the arrival port to destination. Since Incoterms 1980 introduced the Incoterm FCA, FOB should only be used for non-containerized seafreight and inland waterway transport.
Freight transport, also referred to as freight forwarding, is the physical process of transporting commodities and merchandise goods and cargo. [1] The term shipping originally referred to transport by sea but in American English , it has been extended to refer to transport by land or air (International English: "carriage") as well.
With FOB (Free on Board) origin (or FOB plant) pricing, the shipping cost from the factory or warehouse is paid by the purchaser. Ownership of the goods is transferred to the buyer as soon as it is placed aboard a common carrier. Typically the choice of carrier is made by the buyer.
It regulates trade in the industry. Its rules cover products transported with Cost, Insurance and Freight (CIF) or Freight on Board . The advantage of having the vast majority of worldwide trade under FOSFA contracts is that using standard contracts reduces the risk of misinterpretations or misunderstandings between trading parties. [4]
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The Dutch word "lading" has exactly the same meaning (freight, cargo, an amount of transportable goods) as it has in the English "bill of lading", but is not restricted to shipping. [ 17 ] Under English law, the Carriage of Goods by Sea Act 1992 provides that the term "bill of lading" includes a "received-for-shipment" bill of lading issued by ...