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LSDefine

Simple English definitions for legal terms

free on board

Read a random definition: relative confession

A quick definition of free on board:

Free on board (FOB) is a term used in business contracts for buying and selling goods. It means that the seller is responsible for getting the goods ready for export, and the buyer is responsible for arranging transportation. When the goods pass the transporter's rail, the seller's delivery is complete, and the buyer takes on the risk of loss. The buyer is also responsible for paying all transportation costs.

A more thorough explanation:

Definition: Free on board (FOB) is a term used in business contracts that outlines the responsibilities of the buyer and seller regarding the delivery, payment, and risk of loss of goods. The seller is responsible for clearing the goods for export, while the buyer arranges for transportation. The seller's delivery is considered complete when the goods pass the transporter's rail, and the buyer is responsible for all costs of carriage.

Example: A company in China sells 1000 widgets to a company in the United States. The contract states that the terms are FOB Shanghai. This means that the Chinese company is responsible for clearing the widgets for export and delivering them to the port in Shanghai. Once the widgets are loaded onto the ship, the delivery is considered complete, and the risk of loss passes to the US company. The US company is responsible for all costs of transportation from Shanghai to their warehouse.

Explanation: This example illustrates how FOB works in an international business transaction. The Chinese company is responsible for getting the widgets to the port, but once they are loaded onto the ship, the US company takes over responsibility for the goods. This means that if anything happens to the widgets during transportation, the US company is responsible for any losses or damages.

free of all average | free port

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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