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Free on Board (FOB) is a term used in supply chain management to indicate when the ownership of goods transfers from the seller to the buyer. It is typically used in international trade, where the buyer and seller are in different countries. FOB is an agreement between the buyer and seller that specifies the point at which ownership of the goods is transferred from the seller to the buyer. The buyer is responsible for the cost of shipping the goods from the seller's location to the buyer's destination. The seller is responsible for the cost of delivering the goods to the port of shipment.
FOB is an important concept in international trade, as it determines who is responsible for the cost of shipping the goods and who is liable for any damage or loss of the goods during transit. It also affects the payment terms between the buyer and seller, as the buyer is usually required to pay for the goods before they are shipped.
Some companies in the FOB market include Amazon, Walmart, DHL, FedEx, and UPS. Show Less Read more
