Explain the trade term "free on board."
What will be an ideal response?
In most of the world, the use of the term "free on board" is limited to seaborne commerce. The ICC's Incoterms 2010, accordingly, uses it only in connection with the carriage of goods by sea. In common law countries, however, it is also used for inland carriage aboard any "vessel, car or other vehicle." The FOB (port of shipment) contract requires a seller to deliver goods on board a vessel that is to be designated by the buyer in a manner customary at the particular port. The essence of an FOB contract is the notion that a seller is responsible for getting goods on board a ship designated by a buyer.
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