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What does FOB – Free On Board mean ?

April 26, 2017fob Free mean

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What does FOB – Free On Board mean ?

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FOB is an internationally accepted trading term [i.e a Incoterm] defining the role and responsibilities of the buyer and seller. FOB means that once a product or mineral is delivered on board the ship by the seller, then the risks, transportation and insurance costs pass from the supplier to the buyer. The FOB price is the cost delivered to the boat at the port in question.