![]() FOB, Freight Collect: the buyer assumes risk for the goods at the moment that they are picked up and signed for by the carrier and he/she is responsible for all freight charges and risk For example, the shipping industry generally recognizes four "types" of (non-Incoterms ® rules) FOB shipping: This clarity is especially important because the three letters ‘FOB’ standing alone (without reference to the Incoterms ® rules) may have various meanings to various actors in the supply chain. ![]() To avoid confusion, if seller and buyer intend to incorporate the Incoterms ® rule FOB into their contract of sale, they should clearly indicate that with words such as, “FOB Incoterms ® 2020”. Special note on ‘FOB’: The Incoterms ® rule FOB – like all the Incoterms ® rules – has a precise, carefully drafted meaning that traders should familiarize themselves with by reading the text of the Incoterms ® 2020 rules themselves. ![]() Buyer is responsible for arranging and paying for transport and any clearances during transit and for import. An Incoterms ® rule, applicable only to ocean or waterway transport, under which the seller clears the goods for export and delivers them on board the vessel nominated by the buyer at the named port of shipment, at which point risk transfers from seller to buyer. ![]()
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