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FREIGHT TERMS UNDER FOB

With the important role of freight terms for determine payment freight charge responsibilities in global business, it is necessary for understanding more deeply on details. By the way of payment on freight charges, it is divided into many types of freight terms. Each freight term has its advantages and disadvantages for exporter and importer. With understanding deeply this freight terms, it can help exporter build price strategies for getting into world business more competitively. There are two main types of payment for freight charges including freight collect and freight prepaid. However, it is also base on origin and destination where the cargo was assigned.

With freight charges under FOB, it is divided many types base on responsibilities for payment charges. They are FOB origin and FOB destination determined by freight collected or freight prepaid. As the result, they are divided to many types with many nuances: prepaid to a stated location and collect beyond or third party or pre-pay and add.

Here is on details:
- Prepaid means that shipper under responsibility of payment freight charges: By this way, exporter can improve competitive abilities by supporting importer in payment freight charges at origin. In some situations, where the cargo export by air, the freight charges will be high with total amount air-freight. By paying this freight charges, buyer can be free from financial pressure from import cargo by air. In some case, importer need time for delivery goods to customers and collect money before finished all relating payment, so this way will be surely support importer much and improve competitive abilities for oversea selling.

- Collect means that consignee will pay for freight charges: Base on agreement between seller and buyer on contract, or, sometime, importer would like to by product with lower price, so they choose to pay this charges. By this way, importer can buy product from small exporter lack of abilities for payment freight charges after shipment departure. Freight collect can help importer increase abilities in competitive low price at their market.

- Prepaid/Collect Beyond: With this freight terms, shipper will share freight payment under portion with the balance of the freight charge from consignee. This term is also used in penalty for non-compliance commercial contract. For example, when exporter fails to hang over cargo for forwarder on time,
importer has right to require exporter pay freight charges which is collect at beginning or backwards.

- Third Party: In this case, the responsibility for payment freight charge is not either belong to exporter nor importer, but it is under third party responsibilities which agree between buyer and seller in oversea sales contract. Sometimes, the legal payment obligation may or may not belong to the third party and the assignment of the legal responsibility is determined from the parties identified on the Bill of Lading Contract. Therefore, if payment party is not show on Bill of Lading Contract, they have no legal obligation for payment. This situation is usually happened on outsourced payment service to handle the freight payment function. And of course, it will help importer and exporter get benefits from using this freight terms in real situations.

- Pre-pay and Add typically means that the shipper advances the freight charges to the carrier and then bills the beneficial owner of the freight for an amount approximating or equal to the actual freight charges.

- Terms of Sale/Purchase identify the passage of title and are typically expressed as “FOB, stated point or place”. In their most simple and usual expression they appear as FOB Origin or FOB Destination.

 FOB Origin means that title to the merchandise passes at time and place of pick-up:
• The Buyer assumes title and control of the goods the moment the carrier signs the bill of lading.
• The Buyer assumes risk of transportation and is entitled to route the shipment.
• The Buyer is responsible for filing claims for loss or damage.
 FOB Destination means that title to the merchandise passes at time and place of delivery:
• The Seller retains title and control of goods until they are delivered and the contract of carriage has been completed.
• The Seller selects the carrier and is responsible for the risk of transportation.
• The Seller is responsible for filing claims for loss or damage.

The FOB location terms, Origin and Destination, may be qualified by modifiers. The modifier determines the payment of the transportation charges. Modifiers denote nothing about the title of the goods or filing of claims. The most three common modifiers are: Collect, Prepaid & Add, and Prepaid & Allow.

In general, Freight term will be surely affect to your shipment export – import. By determine who is pay for freight charges, it will help exporter or importer calculate more exact price of cargo relating to logistics services more exactly.

Are you interested in this freight terms base on FOB for your experience? Leave a comment if you have any contribution for more clearly on this freight terms.

Regards!

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As most travelers know, once the cabin door closes, all MP3 players, electronic games, pagers, DVD players and other electronic devices must be turned off until the plane reaches 10,000 feet. The use of cell phones is prohibited anytime the plane is in the air.

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While at the airport, before departure
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