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FOB Free On Board
FOB – Free On Board is a fundamental Incoterm in international trade that signifies the transfer of responsibility for goods from the seller to the buyer. FOB represents the moment when the seller fulfills their duties, transitioning ownership and liability to the buyer. It establishes that the seller holds responsibility for the goods until they are loaded onto the vessel designated by the buyer. The origins of FOB Incoterm can be traced back to the
FAS Free Alongside Ship
With the ever-growing globalization of markets, the use of Incoterms has become an integral part of international trade, and Free Alongside Ship (FAS) is one of the most commonly used Incoterms today. Free Alongside Ship refers to a specific arrangement where the seller is responsible for delivering the goods alongside the vessel at the designated port of shipment. Understanding the complexity and implications of the FAS Incoterm is crucial for businesses engaged in international trade
Beginner’s Guide to Bill of Lading Documents
The Bill of Lading is a vital part of the logistics industry and has been a crucial part of shipping and trade for centuries. If you are new to the shipping industry, here is everything you need to know about Bill of Lading documents. What is a Bill of Lading? A Bill of Lading (BoL) is essentially a contract between the carrier and the shipper that details the legal terms and conditions of the transport
International Commercial Terms
The International Chamber of Commerce (ICC) was formed in 1919, and one of its first projects was to begin to formulate a comprehensive way to communicate rules for trade goods for export among the many nations of the world. Between 1936 and 1990, the research and investigation covered all of the different modes of transportation, how countries controlled and regulated freight, and how it affected the efficient movement of goods. In 1990, the first set
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