what is meaning of fob is it freight on board or free on board ?
are both are correct n having diffrent meanin g or same maening?
shruti goyal (cs) (122 Points)
16 June 2012what is meaning of fob is it freight on board or free on board ?
are both are correct n having diffrent meanin g or same maening?
C.A SUVAJIT SAHU
(CA ( In Practice ))
(708 Points)
Replied 16 June 2012
hi shruti.......
i think FOB stands for both Free on board or freight on board ,it means seller delivers the goods to a specific place(takes no extra charges) from where all cost say insurence and freight is to be bourne by the buyer.........
RAMESH KUMAR VERMA
( CS PURSUING )
(43853 Points)
Replied 18 June 2012
INCOTERMS 2000 FOB means free on board the exported goods to be deliver inclusive of all cost up to the port of loading and same has to be loaded into the on going vessel It means the goods which is to be deliver includes Cost of Materai+Packing cost+Local Transport to Port+Port charges.
Must read:
https://www.rwmartin.com/resource/file/13/FOB_DEFINITION.pdf
Regards,
CA Akshay Yetiwar
(ca)
(254 Points)
Replied 18 June 2012
FOB means Free on board.... the seller bears the risk and cost upto the place of delivery..i.e.e doorsteps opf the buyeer.
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 18 June 2012
It means free on board
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