What does FOB shipping point freight collect mean?
In this regard, who pays the freight costs when the terms are FOB shipping point?
FOB shipping point definition. Terms indicating that the buyer must pay to get the goods delivered. (The buyer will record freight-in and the seller will not have any delivery expense.) With terms of FOB shipping point the title to the goods usually passes to the buyer at the shipping point.
Also, what is FOB shipping point and FOB destination? FOB shipping point and FOB destination indicate the point at which the title of goods transfers from the seller to the buyer. The primary difference between the two contracts is in the timing of the transfer of the title for the goods.
Likewise, people ask, what is FOB stand for in shipping terms?
Free On Board
Does FOB mean free shipping?
The acronym FOB, which stands for "Free On Board" or "Freight On Board," is a shipping term used in retail to indicate who is responsible for paying transportation charges. The seller pays the freight, and the buyer takes the title once it's been shipped.