The definition and essence of f o b contract

Checking-packaging-marking Pay the costs of those checking operations such as checking quality, measuring, weighing, counting which are necessary for the purpose of delivering the goods in accordance with A.

of the essence

Proof of delivery, transport document or equivalent electronic message Accept the proof of delivery in accordance with A. Notice to the buyer Give the buyer sufficient notice that the goods have been delivered on board. Pay all duties, taxes and other official charges as well as the costs of carrying out customs formalities payable upon importation of the goods and, where necessary, for their transit through another country.

F.O.B. Definition:

Payment of the price Pay the price as provided in the contract of sale. Inspection of goods Pay, unless otherwise agreed, the costs of pre-shipment inspection except when mandated by the authorities of the country of export.

The buyer must B. Other obligations Pay all costs and charges incurred in obtaining the documents or equivalent electronic messages mentioned in A. Notice to the seller Give the seller sufficient notice of the vessel name, loading point and required delivery time.

Provide the buyer, upon request, with the necessary information for procuring insurance. Taking Delivery Take delivery of the goods in accordance with A.

Contracts FOB Law and Legal Definition

Division of Costs Subject to the provisions of B. Should he fail to give notice in accordance with B.

Essence Of The Contract

Provide at his own expense packaging unless it is usual for the particular trade to ship the goods of the contract description unpacked which is required for the transport of the goods, to the extent that the circumstances relating to the transport e.

Pay any additional costs incurred, either because the vessel named by him has failed to arrive on time, or is unable to take the goods, or will close for cargo earlier than the stipulated date, or because the buyer has failed to give appropriate notice in accordance with B.

Where the seller and the buyer have agreed to communicate electronically, the document referred to in the preceding paragraph may be replaced by an equivalent electronic data interchange EDI message.

Transfer of risks Subject to the provisions of B. Packaging is to be marked appropriately. Contract of carriage Contract at his own expense for the carriage of the goods from the named port of shipment. Licences, authorisations and formalities Obtain at his own risk and expense any import licence or other official arthorisation and carry out all customs formalities for the importation of the goods and, where necessary.

essence of contract

Delivery Deliver the goods on board the vessel named by the buyer at the named port of shipment on the date or within the period stipulated and in the manner customary at the port.F.O.B. Definition: Acronym for 'free on board'; a contract whereby the seller of goods agrees to absorb the costs of delivering the goods to the purchaser's transporter of choice.

The term FOB is a frequent feature of contracts for the sale of goods, especially when the goods are to be delivered to a foreign destination.

Time is of the Essence

Definition of of the essence: Principal requirement or a provision so important that, if it is not satisfied in a diligent manner, may constitute a breach of the contract. For example, time is said to be of the essence in most. Essence Legal Definition and Related Resources of Essence Meaning of Essence That which makes a thing what it is.

A provision in a contract is said to be of the A provision in a contract is said to be of the. In the case of a contract of sale f.o.b. a named port of shipment, the second sentence appears the appropriate comparison, producing a result consistent with the common law. It is suggested that this is the case even if the seller chooses to have the goods delivered to the named port of shipment by an independent carrier; see the commentary on.

The usage of ensure vs. insure is very important from a contractual perspective, while they sound very similar they can have very different meanings in a legal context.

English Language Learners Definition of essence: the basic nature of a thing: the quality or qualities that make a thing what it is: a substance that contains in very strong form the special qualities (such as the taste and smell) of the thing from which it is taken.

The definition and essence of f o b contract
Rated 4/5 based on 18 review