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"FOB" meaning

Office and School Supplies
From Bangladesh
To New Zealand
342 views / 1 experts
Ehsan A.
Jul 15, 2022

What does "FOB" mean in export?

1 answer

Jul 15, 2022

FOB conditions apply only for river and sea transport.

This term means that the seller fulfills his obligations under the foreign trade contract when he hands over to the buyer the products placed on board a river or sea vessel and released by customs as part of the export procedure (export duties and taxes are also paid, if necessary). In this case, import customs clearance remains the responsibility of the buyer. It is important to note that the goods must not only move beyond the rail of the vessel, but also be placed entirely on the deck or in the hold.

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