since small minds used to make much fun of the off
Post# of 8059
Posted On: 08/23/2013 12:43:20 PM
since small minds used to make much fun of the official term "passes over the ships rail" -used by the official commerce governing body and court cases
FOB (Free On Board) (...Named Port of Shipment):
CFR (Cost and Freight) (...Named Port of Destination):
FOB (Free On Board) (...Named Port of Shipment):
An International Term of Sale that means the seller fulfills his or her obligation to deliver when the goods have passed
over the ship’s rail at the named port of shipment. This means that the buyer has to bear all costs and risks to loss of or damage to the goods from that point. The FOB term requires the seller to clear the goods for export. (Note: The U.S. Government sometimes uses a made–up term “FOB Destination” to require the seller to take responsibility for delivering the goods at destination rather than the correct Incoterm of DDP.)
CFR (Cost and Freight) (...Named Port of Destination):
A Term of Sale where the seller pays the costs and freight necessary to bring the goods to the named port of destination, Terms of Sale but the risk of loss of or damage to the goods, as (continued) well as any additional costs due to events occurring after the time the goods have been delivered
on board the vessel, is transferred from the seller to the buyer when the goods pass the ships rail in the...
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