Abbriviation :  FOB

Term :   Free on Board (named port of shipment)

Description :  A sales arrangement in which a seller quotes a buyer a price that covers all costs up to and including delivery of goods aboard a vessel at a designated port of debarkation. The seller is also responsible for export clearance. The buyer is then responsible for all costs and risks involved from that point. The seller is under no obligation to provide insurance or contract of carriage. FOB is only used for sea or