BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Found on board
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Free on board
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Freight on board
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Future on board
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Detailed explanation-1: -“Free on board” is what FOB stands for. It is a designation which indicated that the liability and ownership of the goods have been transferred from a seller to a buyer. This means that if the goods get damaged or destroyed during the shipping, the seller is not liable.
Detailed explanation-2: -Free on board (FOB) definition Free on board (FOB) is a shipping term that indicates whether the seller or buyer will be responsible for ensuring that goods are safely loaded onto a vessel at the port of shipment.
Detailed explanation-3: -Freight on Board (FOB), also referred to as Free on Board, is an international commercial law term published by the International Chamber of Commerce (ICC). It indicates the point at which the costs and risks of shipped goods shift from the seller to the buyer.
Detailed explanation-4: -Free on board destination indicates that the seller retains liability for loss or damage until the goods are delivered to the buyer. FOB shipping point is usually paid for by the buyer, while FOB destination is usually paid for by the seller.