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Application Of The Contemporary F.O.B. Contracts - Essay Example

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The flexibility of the f.o.b. contract facilitates both the parties to change many of its incidents without modifying its nature. The paper "Application Of The Contemporary F.O.B. Contracts" discusses the classification of the f.o.b. contracts and features of every type…
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Application Of The Contemporary F.O.B. Contracts
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Download file to see previous pages In this type of f.o.b. contract, the seller has assumed extra duties like identifying a ship, arranging for insurance for the products sold and hence this type of f.o.b. contract is being considered as a clone to the c.i.f. contract as it more closely looks like a “c.i.f. contract.”
Under this type of contract, the purchaser, himself will identify a ship either through his agent or directly. Hence, it is the buyer who identifies and appoints a carrier and seller will place the products sold on board the carrier. The specialty of this type of contract is that the ‘bill of lading ‘will be forwarded to the buyer or his agent directly and will not go by through the seller’s hands. As the norm, today, this type of contract has replaced the traditional f.o.b. contract. (Bradgate & White 2007:250).
The “free on board “(f.o.b.) contract has been defined as a ‘flexible instrument’ and this has been time and again resisted as not an acceptable definition. This albeit, the main driving force of an f.o.b. contract is the recognition by the seller to deliver the products at his own expenses, ‘free on board’ of the vessel for delivery to the buyer. Thus, f.o.b. contract has some special features. For instance, save that there is a contract, to that effect; a seller under a FOB contract is no way concerned to get a shipping berth for the products sold or to ensure the product. In case, if he is requested or mandated to do the same, then the cost of insurance and carriage will be normally passed to the account of the purchaser.
An f.o.b. clause can be termed as a flexible instrument. In the classic type of f.o.b. contract, the buyer’s duty is to name the vessel, and the vendor’s duty is to place the products on the board of the vessel on account of the buyer and to get a bill of lading with a term that is usually is in existence in the trade. ...Download file to see next pagesRead More
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