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The buyer pays for all costs beyond that point, including unloading. Responsibility for the goods is with the seller until the goods are loaded on board the ship. Once the cargo is on board, the buyer assumes the risk. Ship loading at a wharf. The use of "FOB" originated in the days of sailing ships.
The seller pays for the carriage of the goods up to the named port of destination. Risk transfers to buyer when the goods have been loaded on board the ship in the country of Export. The seller is responsible for origin costs including export clearance and freight costs for carriage to the named port.
Certain civil penalties apply for failures to follow CBP rules and pay duty. In addition, goods of persons subject to such penalties may be seized and sold by CBP. In addition, criminal penalties may apply for certain offenses. Criminal penalties may be as high as twice the value of the goods plus twenty years in jail. [11]
The main duty of the buyer is to pay the agreed purchase price of the vessel. Normally, the time of payment is not the essential factor unless there is an express clause in the contract. The buyer must also accept delivery under the Sale of Goods Act 1979, s27.
Discounts can occur anywhere in the distribution channel, modifying either the manufacturer's list price (determined by the manufacturer and often printed on the package), the retail price (set by the retailer and often attached to the product with a sticker), or a quoted price specific to a potential buyer, often given in written form.
Typically, seller allows buyer to pay the required money after taking the related goods and selling them. Additionally, a letter of credit may also have specific terms relating to the payment conditions which relate to the underlying reference documents. Some of these include
Concessions: Many sellers agree to pay a portion of the buyer’s costs to sweeten the deal — for example, a seller may cover the cost of a needed repair discovered in the home inspection.
Uniform delivered pricing is the opposite of the FOB origin pricing, as the same price is quoted to all customers. The transportation costs are averaged across all buyers, and the nearby customers are in effect subsidizing the faraway ones (paying more for the delivery than it costs the seller, the difference is called the phantom freight).
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