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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 ...
Incoterms 2020 is the ninth set of international contract terms published by the International Chamber of Commerce, with the first set having been published in 1936. Incoterms 2020 defines 11 rules, the same number as defined by Incoterms 2010. [7]
Incoterms inform sales contract by defining respective obligations, costs, and risks involved in the delivery of goods from seller to buyer. Incoterms 2010, the 8th revision, refers to the newest collection of essential international commercial and trade terms with 11 rules. Incoterm 2010 was effective on and from January 1, 2011.
The Incoterms (or International Commercial Terms) published by the International Chamber of Commerce (ICC) are accepted by governments, legal authorities, and practitioners worldwide for the interpretation of the most commonly used terms in international trade. Common terms include: Free on Board (FOB) Cost and Freight (CFR, C&F, CNF)
A forward freight agreement (FFA) is a financial forward contract that allows ship owners, charterers and speculators to hedge against the volatility of freight rates. It gives the contract owner the right to buy and sell the price of freight for future dates.
FOB is an INCOTERM meaning that the seller delivers when the goods pass the ship's rail at the named port of shipment. This means that the buyer has to bear all costs and risk of loss of or damage to the goods from that point. The FOB term requires the seller to clear the goods for export.
Fob or FOB may refer to: Entertainment. FOB ... FOB (shipping), or Free on Board, an Incoterm; Federal Office Building (disambiguation) Fixed odds betting terminal;
FOB (shipping) I. Incoterms This page was last edited on 29 April 2023, at 05:40 (UTC). Text is available under the Creative ...