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What are fob and CIF terms?

FOB and CIF terms are used in international trade in relation to shipping when goods enter the national borders. These terms are used to decide when the goods become the buyer’s property from the seller’s property and who is liable for costs and risks associated with goods in transit. FOB is free on board, also known as freight on board.

What is FOB point?

FOB is a point is the agreed delivery spot between both buyer and seller for handover of goods where the peril of goods is moved from the seller to the buyer. Who pays FOB destination freight?

What is FOB shipping?

FOB shipping which stands for ‘Free on Board’ shipping, is one of the incoterms (International Commercial Terms) designed by the International Chamber of Commerce (ICC) for international trade, shipping, and transporting of goods. It indicates the liability for goods if they are damaged, lost, or destroyed during international transportation.

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