Where the agreed rate of freight appears on a voyage charter party form, what would “US $28.50 fio” mean?

The agreed freight rate is USD28.50 per ton (metric, long, short or other, as stated) of cargo loaded, on a “free in and out” (FIO) basis.Β 

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What does “free in and out” (fio or FIO) mean?

When is freight paid?