Many people, even those in the profession of Federal contracting, are not aware of the meaning of FOB Origin. In the shipping industry, this is an important definition to understand. Understanding the different titles involved in the shipping process helps individuals to protect their company. The following offers a simple guide into FOB Origin and what it can mean for your business.
What Does FOB Stand For?
There is a great deal of confusion when it comes to FOB and its meaning. FOB simply stands for “Free on Board”. FOB is the exact point where a seller gives up ownership and the buyer accepts ownership of the products they purchased during a specific transaction.
There are a couple of types of FOB Origin. Once you fully understand these terms, you will be able to better understand shipments in Federal contracting.[Read more…]