FOB terms, free on board at the port of shipment. FOB is the abbreviation of Free on Board.
FOB..... (Port of Shipment), this price term is commonly known as FOB because the name of the Port of Shipment is shown at the end of the term. The responsibilities of the buyer and the seller are divided as follows:
The Seller's liability
(1) Deliver the goods to the vessel appointed by the Buyer at the named port of shipment and within the time limit and notify the Buyer in time;
(2) To bear all expenses and risks up to the time when the goods pass the ship, including export taxes, inspection fees, export license fees and other formalities necessary for shipment;
(3) Customary packing of the goods and a clean bill of lading evidencing delivery of the goods to the side of the nominated vessel at his own expense;
(4) At the request and at the cost of the Buyer, to provide the certificate of origin and, at the cost and risk of the Buyer, to assist the Buyer in obtaining the bill of lading and other documents issued by the country of shipment or origin required by the country of import and transit of the goods.
The buyer's responsibility
(1) Chartering and booking shipping space on a vessel at his own expense and notifying the Seller of the name of the vessel, loading berth and date of shipment;
(2) Bear all expenses and risks from the time the goods pass the ship and pay the premium as stipulated in the contract;
(3) The burden since the buyer failed to specify the vessel, or the specified ships failed to arrive at a specified time limit, or a similar reason is reached but failed to load the goods produced by all additional costs, as well as the related or date of delivery of the goods as of the date of the expiration of time limit of all risks, but with the goods shall be determined for the contract goods;
(4) To pay all costs and expenses, including consular visa fees, in the event of the seller's responsibility (4), in connection with the collection of the listed documents.
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