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FOB
An acronym for "Free on Board", a shipping term used in international trade to denote when liability and ownership of goods is transferred from seller to buyer.
Shipment Contract
A type of sale contract in which the seller is obligated to send the goods to the buyer, but the risk of loss passes to the buyer when the goods are delivered to the carrier.
Nonconforming
Refers to goods, services, or actions that fail to meet previously agreed upon standards, specifications, or regulations.
CIF
Cost, Insurance, and Freight, a term used in international shipping where the seller is responsible for the cost, insurance, and freight of delivering goods.
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