Question

________ is a term used to indicate that the supplier is responsible for all the costs and risks until the goods are placed in or on the vessel at the loading point, and ________ covers all costs and risks of apparel manufacturing, ocean insurance policies, and freights, until the goods reach the point of destination that the sourcer designated.

Answer 1

As opposed to CIF, which covers all costs and risks of apparel manufacturing, ocean insurance policies, and freights until the goods arrive at the point of destination that the source designates, FOB refers to the supplier's responsibility for all costs and risks up until the goods are loaded into or onto the vessel at the loading point.

What does FOB mean in terms of price?

Freight on Board is referred to as FOB. Depending on who you are speaking to, the phrase "Free on Board" may also be used to describe this. These phrases specify who is responsible for paying for transportation.

Or to put it another way, the supplier is "free" of accountability. "On board" merely denotes the presence of the commodities on the ship. As a result, FOB shipping denotes that up until the products are loaded 'on board' a shipping vessel, the supplier retains ownership and accountability for the items. All liability passes to the buyer once the ship is in the water.

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