Glossary

A glossary is a dictionary of terms specific to a certain subject. A biology textbook might have a glossary in the back, so you can quickly look up all those technical words.

Free On Board (FOB)

Updated on 2023-08-29T11:58:01.383760Z

In the shipping industry, Free On Board is a term used in defining the liability of the shipment at a given point of time. It means the supplier of the goods holds the rights and liability of the shipment until that is loaded on the ship. And, when the shipment is loaded on the ship, the liability is transferred to the buyer.