Import

Whether you are importing or exporting goods, and whether you are a buyer or a seller, the chances are high that you will encounter Incoterms.

It has been four years since the United Kingdom decided to leave the European Union. Negotiations are still going, but a quick deal doesn’t seem to be near. Let’s have a look at where we stand currently.

When goods are bought or sold “Free on Board” (FOB) it means that the seller delivers the goods to a ship at a port previously agreed to by the seller and the buyer. The seller loads the goods onto the ship. The buyer then takes care of the import formalities and transportation to the final destination. Free on Board is one of the oldest Incoterms. It dates back to when goods were carried by sailing ships and it was one of the terms when the Incoterms were first released in 1936. It is also one of the most used commercial terms.