What Do EXW and FOB Stand for

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What Do EXW and FOB Stand for? EXW stands for Ex -Works, an Incoterm whereby the Buyer or importer to pick up the goods from the factory's workshop directly or buyer of a shipped product pays for the goods when they are delivered to a specified location.

FOB stands for the Free on Board, shifts the responsibility of the goods from seller to the buyer as soon as they are loaded onboard the ship.

Incoterms 2020