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Simple English definitions for legal terms

free on board (FOB)

Read a random definition: Required minimum distribution

A quick definition of free on board (FOB):

Free on board (FOB) is a term used in the sale of goods. It means that the seller will put the goods on a ship at a specific place without charging the buyer for packing, shipping, or other expenses. At this point, the buyer becomes the owner of the goods and is responsible for any damage or loss that may occur during shipping. The seller must ship the goods in the manner provided in the agreement, and the buyer must give any necessary instructions for delivery. The buyer must also pay for the goods when the required documents are presented.

A more thorough explanation:

Definition: Free on board, or FOB, is a term used in the sale of goods. It means that the seller will place the purchased goods on board a vessel for shipment at a designated location without any cost to the buyer for packing, postage, or cartage. At this point, the legal title, rights, and risk of loss pass from the seller to the buyer. The designated location is usually a transportation depot.

For example, if a buyer in New York purchases goods from a seller in China with FOB terms, the seller will be responsible for shipping the goods to a designated location in China and loading them onto a vessel. Once the goods are on board, the legal title and risk of loss pass to the buyer, who is responsible for any further transportation costs and risks.

The Uniform Commercial Code (UCC) provides specific terms for FOB. According to UCC § 2-319, unless otherwise agreed:

  • If the term is FOB the place of shipment, the seller must ship the goods at that place and bear the expense and risk of putting them into the possession of the carrier.
  • If the term is FOB the place of destination, the seller must transport the goods to that place and tender delivery of them.
  • If the term is FOB vessel, car, or other vehicle, the seller must load the goods on board at their own expense and risk.

Overall, FOB is a delivery term that specifies the responsibilities of the seller and buyer in the shipment of goods. It is important for both parties to understand the terms and agree upon them before making a purchase or sale.

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19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
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.
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