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Free On Board (FOB) is a trade term indicating the point at which a buyer or seller becomes liable for goods being transported on a vessel. LinkedIn with Background Education. 28/07/ · FOB (Free On Board) One of the most commonly used-and misused-terms, FOB means that the shipper/seller uses his freight forwarder to move the merchandise to the port or designated . FOB (Free on Board) is the most commonly-used trade term but in practice it is used without reference to any version of the Incoterms® rules. In such cases it is then up to the seller and buyer to agree in their contract on what they mean when they use these three letters. By using FOB the seller must clear the goods for export and delivers when the goods pass the ship’s rail at the agreed port. This term is only used for water transportation either sea or inland water. If both parties do not agree to have goods delivered on board, then FCA is the term to be used.

In such cases it is then up to the seller and buyer to agree in their contract on what they mean when they use these three letters. Get started Introduction to Free on Board FOB. From that point on risk of loss or damage to the goods transfers to the buyer. The seller must carry out all export formalities and the buyer must carry out import formalities.

The buyer contracts for carriage therefore the shipper on the bill of lading should be the buyer not the seller. Often where there is a letter of credit involved the seller is shown on the bill of lading as the shipper, in which case the seller would be wise to inform themselves of the additional liabilities they might be taking on under the terms and conditions of the bill of lading.

Free on Board FOB Incoterms Rule — Introduction, History and Uses. The requirement is that the buyer must contract for the vessel or space on the vessel, and the seller must load the goods onto that vessel. Sellers should be wary of doing this, and it will depend on the customary procedures in the relevant countries as to whether this is practical, desirable or could have unfortunate legal consequences for the seller.

The contract should lay out very specifically what is required of the seller and limit their liability if they are to be declared as the shipper or consignor. This provision seems a little at odds with how FOB is supposed to work. Whether it has a place now in the world of sea transport is a good question. In each of the eleven rules the seller must provide the goods and their commercial invoice as required by the contract of sale and any other evidence of conformity such as an analysis certificate or weighbridge document etc that might be relevant and specified in the contract.

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And while no two countries have exactly the same laws, when it comes to freight there are many precepts that are standardized worldwide. This means that no matter where you ship from, you will encounter the same regulations. One of the most prominent examples of this standardization is the International Commercial Term, or incoterm.

Simply put, an incoterm is the standard contract used to define responsibility and liability for the shipment of goods. It plainly lays out how far along into the process the supplier will ensure that your goods are moved and at what point the buyer takes over the shipment process. It also has implications for your total freight costs. Of the 11 different incoterms that are currently used in international freight, Free on Board FOB is the one that you will encounter most frequently.

This guide cuts through the legal jargon and explains everything you need to know about this common incoterm in plain English. Once on the ship, all liability transfers to the buyer. Expert’s Note The FOB incoterm is only applied to shipments being sent by sea or waterway.

fob trade terms

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An importer need to look into the options of buying the goods under the terms that are more favorable to his or her expenses. We suggest you should always choose FOB shipping between you and your supplier. But why? The short answer is by doing this, it will greatly reduce your shipping costs and give you more control over the shipment. Quite a few buyers come to us and ask our comments about choosing EXW for the max control of the goods.

If you have ever looked into the meaning of EXW, you may change your decision. When the truck arrived at the warehouse or the manufacturer, the supplier even has no obligation to loading on it. Not mentioning the customs declaration at the loading port. All export clearance documents and procedures are included in the FOB price. Importers are wise to avoid hassle and simply stick to FOB. Yes, we can do all the stuff for you if you insist on EXW.

fob trade terms

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The rules have been developed and maintained by experts and practitioners brought together by ICC. They have become the standard in international business rules setting. The trade terms help traders avoid costly misunderstandings by clarifying the tasks, costs and risks involved in the delivery of goods from sellers to buyers.

Nevertheless, it is important to clearly specify the chosen version. Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information. The audience measurement services used to generate useful statistics attendance to improve the site.

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This term is only used for water transportation either sea or inland water. If both parties do not agree to have goods delivered on board, then FCA is the term to be used. When goods are packed in containerized cargo, then FCA is the most recommended term to use. Because goods will be delivered in the container terminal prior to being loaded on the vessel. The term is used in commodities like oil, bulk cargo or grain. There is a common misuse of this term when goods are loaded onto a truck, in that case FCA is the right term to use.

In FOB, origin terminal handling charge and all other costs associated to move the goods on board are paid by the seller. FOB suits better for bulk cargo and not containerized cargo use FCA instead. All cost after loaded onboard must be assumed by the buyer. Export customs clearance and origin terminal handling charge must be assumed by seller. This term is traditionally created for bulk transportation, where some cargo can be lost during the process of loading i.

fob trade terms

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We draw this conclusion because we opined that the seller will always try to transfer the risk of transportation sooner whereas the buyer will always try to transfer the risk of transportation later in the transportation stage. The answer above is the primary thesis of this article, but if you need further clarification, do continue to read below. We will describe in detail what is the difference between FOB and FCA, when is the best circumstance to use which INCOTERM.

For further clarification, always refer to the ICC handbooks for the most updated INCOTERM details, due to the changing landscape of global trade, these INCOTERMs are updated once every 10 years. This is the latest outlines as of Firstly, the seller will always be obligated to manufacture or to make avail of the exact cargo that is described in the commercial invoice. This is a given fact, but it is spelled out concisely just to avoid ambiguities.

Because the INCOTERM does not explicitly mention who is responsible for monetary losses due to customs delay. Any further documentation that would assist the deliverance of the cargo must be provided by the seller. This is the case provided that the requirements are spelled out before executing the delivery order. Those documents that we are referring to are non-exhaustively listed below: —.

If the buyer does not specify clearly the delivery location, the seller has the right to choose the delivery location.

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We want to know the EXW price as that is the price of just the product by itself. The FOB to gauge the shipping prices and because the Port is a good place for our freight forwarder to pick up an item. Most of our projects are FOB, and we contract with a freight forwarder to complete the rest of the shipping. This is the most basic shipping intercom term that a supplier can provide. The seller makes the item available to pick up at the factory and is not responsible for the product once it leaves the factory doors.

The buyer is responsible for transporting it from the factory and covers all export and import clearances and insurance costs. If you are getting initial quotes from a factory for the first time, then they will almost always give you a quote for EXW unless you explicitly ask for a quote in another term. FOB means that the seller ships the goods to the nearest port, and the seller is responsible for everything after that. The Seller will drop this off at the port of shipment, and the Buyer will either pick it up themselves or more commonly work with a freight forwarder to ship it for them.

The seller is the one to clear the goods for export, and the buyer is responsible for the goods from the port onwards. One of the big reasons this is the most popular intercom term used that the Export port is a good place to have a 3rd party inspection service inspect the goods. Further, the seller is responsible for all activities in the country of export.

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First, let’s define what FOB (free on board) means by breaking it down word-by-word. The term ‘free’ refers to the supplier’s obligation to deliver goods to a specific location, later to be transferred to a carrier. In other words, the supplier is “free” of responsibility. ‘On . 27/02/ · Free On Board (FOB) is a trade term indicating the point at which a buyer or seller becomes liable for goods being transported on a vessel. more What Is Carriage Paid To (CPT)?

Free on Board FOB is an Incoterm which dictates the shared responsibility between buyer and seller. A standard FOB arrangement states that the responsibility for the goods remains with the seller as far as the port selected for shipping. At this point, full responsibility and ownership passes to the buyer and the seller records it as a completed transaction.

After the goods leave the port, the buyer is responsible for the documentation necessary to complete a safe journey. This includes all customs documents, certificates of conformity COC , and insurance coverage. If anything happens to the goods after the ship has left port, the responsibility stands with the buyer. While not on the scale of an Ex Works agreement, the FOB shipping arrangement still puts the majority of the responsibility on the buyer.

Regardless of any advice offered, once the ship is loaded, the responsibility of the seller ends. After the goods are loaded onto the ship, the whole responsibility of the transit and freight belongs to the buyer. If the goods are damaged, it is the responsibility of the buyer to make sure that they are adequately insured and to make the appropriate claim as the buyer has a title ownership to the goods during this period.

It is also the responsibility of the buyer to make sure that the correct customs clearance documents are attached to the goods.

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