FOB, commonly encountered in business and shipping contexts, holds significant importance in terms of logistics and financial transactions. This acronym stands for "Free on Board" or "Freight on Board," indicating the point at which ownership and responsibility for goods transfer from the seller to the buyer.
In shipping, FOB refers to the location where the seller's responsibility for the goods ends and the buyer's responsibility begins. It signifies the moment when the buyer assumes ownership and liability for the shipment, including any associated costs or risks during transit.
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