A complete list of the legal terms and definitions every attorney, paralegal, and law student needs to know.
Free on board (FOB) is a contract term used only in the sale of goods involving maritime shipping. It refers to two assumptions in the contract. First, it means that the seller of the goods will pay for the transport of the goods to the point of debarkation. Second, it means that the risk of loss of the goods shifts from the seller to the buyer at that point.
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