How is FOB price defined in a legal contract?
- FOB price means the price paid by the exporter for the product as the goods transfer to the ship at the named port of shipment. Subsequently, the importer undertakes all the costs, including the necessary shipping expenses.
Seen in 7 SEC filings - FOB price means the cost of the equipment delivered free on board the ship, truck, or aircraft, this includes all port charges and handling charges. The contractor must also insure the material against all risks from the time it leaves the workspace until it is placed Free On Board.
Seen in 4 SEC filings - FOB price means the free-on-board value of the goods, determined by adding together the value of materials, production cost, profit, and other costs.
Seen in 2 SEC filings
Please note, definitions potentially referencing specific organizations, individuals or locations have been removed.
Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.
Search EDGAR for ‘Definitions of fob price’ yourself to verify these results. We are always keen to point people to source documents.
Which definition should you use?
🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
- FOB price means the cost paid by the exporter when goods are loaded onto the ship, after which the importer covers all transportation costs.
Relevant Contract Types
Relevant Circumstances
- Export of goods
- Import of goods
- Shipping and freight agreements
Relevant Sectors
Genie Definition 2
- FOB price means total value of the goods on board the ship, calculated by adding the cost of materials, production, profit, and other expenses.
Relevant Contract Types
Relevant Circumstances
- Manufacturing and production of goods
- Procurement and sourcing of raw materials
- Export or import of finished goods
Relevant Sectors
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FOB price means the cost paid by the exporter when goods are loaded onto the ship, after which the importer covers all transportation costs
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