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FOB means Freight On Board.
Essentially it is used to indicate that a purchaser of goods that must be transported is responsible to pay for the freight.
Yes FOB can mean that, but its also the slang term for Fresh Off the Boat. Meaning they're new to the country, or just have an accent. Teens these days use the term FOB all the time.
In the military, FOB can also stand for Forward Operating Base.
In US politics, FOB was a slang term for "Friend of Bill" (Clinton).
The word "fob" means the chain attached to a pocketwatch.
FOB means "free on board." It's a shipping term. If something is advertised as being "FOB Seattle," the seller releases responsibility to the item when it is "on board" either the ship or the truck the item is going to be shipped on. Another term is FAS, which means "free alongside ship." In this mode, responsibility transfers when the seller places the item "alongside" the ship. The difference is that if they drop your backhoe in the ocean while they're putting it on the ship, sending it FOB will force the backhoe company to get you a new one, but sending it FAS will make you buy a new one with your money.
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What is cif and fob means?
- CIF is Cost, Insurance and Freight - FOB is Free on Board
What is Freight term FOB?
FOB means Freight on Board. It means the seller is responsible to load the freight on the truck and the buyer is responsible to pay the freight costs from the dock to the destination. Prices are sometimes followed by FOB . For example car prices are listed as FOB Detroit. This means the price without shipping added.
What does shipping terms FOB NINGO mean?
FOB means "Free on Board." It requires the purchaser to pay freight from wherever it says after "FOB." Ningo is an area in Ghana. So...FOB NINGO means you have to pay the freight bill from the shipper in Ningo, Ghana, to your loading dock.
What is the definition of FOB shipping point and FOB destination point?
FOB Destination means that the seller owns the goods until the buyer receives them. Therefore, the seller pays the shipping costs. FOB Shipping means that the buyer owns the goods once they are shipped. Therefore, the buyer pays the shipping costs.
Meaning of fob value in shipping?
The abbreviation FOB in the shipping industry means Free on Board or Freight on Board. The invoice that has this abbreviation on it means that the seller is paying for the freight charges.
What is the difference between FOB destination and FOB shipping point?
FOB (Freight On Board) Destination and FOB Shipping specifies whether the buyer or seller owns the goods, and therefore, who pays for the shipping and includes the items in their inventory. FOB Destination means that the seller owns the goods until the buyer receives them. Therefore, the seller pays the shipping costs. FOB Shipping means that the buyer owns the goods once they are shipped. Therefore, the buyer pays the shipping costs.
What is FOB an acronym for?
The abbreviation FOB means Free on Board. That means freight and insurance have not been taken into consideration while calculating export pricing. In fact under FOB shipment, the freight is payable by the buyer at destination. Insurance coverage is arranged before hand by the buyer.
What is fob shanghai?
That means they will be responsible for shipping to port of Shanghai, then you are responsible for transportation from there .
How do I jounal the FOB shipping point?
FOB shipping means the purchaser is paying the shipping charges. If you are the seller debit the charge to the buyer and credit the charge to the shipping company.
Fob or cif letter of credit?
CIF Means :- cost ,insurance & freight charges beared by exporter & FOB means free on board exporter will beared the charges till shipment & after that he will be not responsible for any charges related to consighnment.
What does fob and fis and cnf mean when shipping imports?
When shipping imports, the acronym FOB stands for "Freight on Board". FIS means "Free in Store", and CNF is for "Cost and Freight".
What is the FOB of an invoice?
Free on Board - This term means the delivery will be made with no charge to the buyer.
