JAMB - Commerce (2009 - No. 11)
The term free on board means that the price includes?
costs and insurance only
costs and freight only
freight and insurance only
costs, insurance and freight
Maelezo
The term Free On Board is a transportation term that indicates when liability and ownership of goods are transferred from a seller to a buyer. It shows when the risk of loss shifts from the seller to the buyer, and who pays the costs of freight and insurance.