Distinguish between the following terms of sale as used in international trade.
a)Free on rail
b)Free on board(FOB)
c)In bond
d)On nearest Offer (ONO)

Answer:

a)Free on rail
-Price quoted includes expenses for transporting the goods up to the nearest railway station. The buyer meets railway charges and all other expenses
b)Free on board(FOB)
-Price quoted includes the movement of goods up to when they are in the ship. The buyer meets all the other expenses
c)In bond
-Price quoted includes all the expenses up to handling the goods into the exporters bonded warehouse. The buyer/importer meets all the
other charges such as duty and storage
d)On nearest Offer (ONO)
-The exporter is willing to accept the quoted price or any other nearest to the quoted one

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