The "FOB"", which is a term used on International Trade to
determine the exporter's and also the importer's obligations . These
terms are known as "incoterms" , and this is the abbreviation of
International Commerce Terms.
The incoterms are built by the International Chamber of Commerce.
The most common used incoterms are:
*FOB ( Free on Board ) sum of all the expenses until the port of embarkation, including the merchandises.
In the case of an exporter of cars, it would be : Car, Taxes,
Procedures, shipment of documents, Transport until the port of
embarkation (it varies according to the car type and the distance
between the auction's place to the port), commission of the exporter of
cars ,and this gives us the FOB price.
Exemple :
Car Price +
Procedures
Transport to the Port of Embarkation
Shipment of Document
Taxes
Commission of the Exporting Company
=FOB
*The C&F or CFR ( Cost & Freight ) Freight to the port of destination
Exemple :
Freight +
FOB
=C&F
*And the CIF price ( Cost, Insurance & Freight ) is sum of C&F plus Insurance.
Exemple :
Insurance +
C&F
=CIF
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