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Incoterm® for delivered free on board by Seller. Used for Sea or Inland Waterway Shipping Modes.
"Free On Board means that the Seller delivers the goods on board the vessel nominated by the Buyer at the named port of shipment or procures the goods already so delivered. The risk of loss of or damage to the goods passes when the goods are on board the vessel, and the Buyer bears all costs from that moment onwards."
Short definition per Incoterms® 2010 edition
Free On Board (Departure Port) Incoterms 11 1 INCO, Terms, International, Trade, Standard, Terms, Transfer, Ownership, Insurance, Risk, Supply Chain, Logistics, Transport Free On Board means that the Seller delivers the goods on board the vessel nominated by the Buyer at the named port of shipment or procures the goods already so delivered. The risk of loss of or damage to the goods passes when the goods are on board the vessel, and the Buyer bears all costs from that moment onwards