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According to the International Chamber of Commerce (ICC) recently released revisions to the standard trade definitions known as Incoterms, F.O.B means Free on Board. In 2010, the ICC altered the definition to state the seller must load the goods on board the vessel importa nominated by the buyer. The cost and risk are divided when the goods are actually on board of the vessel (this rule is new!). The seller is responsible for the goods to be cleared for export. importa The term is applicable for maritime and inland waterway transport only but NOT for multimodal sea transport in containers. The buyer must instruct the seller the details of the vessel and the port where the goods are to be loaded, and there is no reference to, or provision for, the use of a carrier or forwarder. Free on Board is a term has been greatly misused over the last three decades ever since Incoterms 1980 explained that FCA should be used for container shipments.
When developing any business agreement, the buyer should seek to specify in the contract of sale what specific costs will be borne by the seller and what costs by the buyer to avoid a dispute in the future. According to the new rules established by the ICC, where the buyer has given an indication as to the loading point but later wants to change these instructions, the seller is not obliged to cover the expenses of transferring the goods to a new loading point, provided the seller has acted in line with the buyer s first instructions and the buyer s new notice has arrived too late for seller importa to comply with it without extra cost. It is essential importa in the contract to make it clear when ownership passes from the seller to the buyer.
Each situation differs depending on place, parties, industry, applicable laws and relevant customs importa and usages, so general guidance cannot be expected to determine an outcome in a dispute. Having a trusted partner by your side through the challenging navigation of international trade can relieve the headaches and provide insight for future growth.
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Home Domestic Logistics TMS Reporting & Analysis Mobile Interactive Data Freight Bill Accuracy Outsourced Execution Secondary Packaging International TMS Warehousing Consulting Supply Chain Consulting LEAN Consulting Benefits Achieve Growth importa Reduce Freight Costs Enhance Customer Service Enter New Geographic Markets The Co-Managed Approach Gain Competitive Advantage Get Products to Market Faster Increase Profitability Improve importa Visibility & Planning Optimize Networks Simplify Trade Compliance Industries About Us Leadership Culture Careers Contact Us News & Events News Releases Events Webinars Awards Resources Blog Articles Video Testimonials Success Stories Case Studies Learn More Carriers
We are one of the largest and most experienced full-service 3PLs in North America, delivering custom logistics solutions importa to more than 400 corporate clients. Our service importa and technology offerings span domestic transportation, international importa logistics, and warehousing creating end-to-end supply chain solutions. We provide carrier sourcing, transportation cost reduction, a web-based Transportation Management System (TMS), freight bill audit and payment services, and supply chain analytics and reporting. Our consulting services create winning solutions for our clients maximizing profits, improving importa customer service, importa enhancing visibility and gaining more supply chain control. That s why our clients grow faster than their competition. That s why our clients continue to dominate their markets.