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Glossary of Terms

 

Learn more about the lingo which sometimes leave you baffled. You can search for the explaination of various terms and Acronyms used in Foreign trade.
Please Click on the Alphabets given under to pull out from the Web the meanings of the terms

FAK: Freight All Kinds - uniform airline charging scale applying to a number of commodities; as opposed to SCR (Specific Commodity Rate) applying to one commodity only.

FAS (free alongside ship): Seller is responsible for inland freight costs until goods are located alongside the vessel/aircraft for loading. Buyer is responsible for loading costs, ocean /air freight and marine/air insurance.

Fathom: (Nautical) Conversion equivalents: 6 feet; 1.83 meters.

F.C.L.: Full container load, full car load.

F.c.s.: Free of capture and seizure.

f.c.s.r.c.c.: Free of capture, seizure, riots and civil commotions.

F.&.D.: Freight and demurrage.

FEU: Forty foot equivalent

FIATA: International Federation of Freight Forwarders Associations.

Fifth Freedom Flight: Where cargo is carried by an airline between two countries in neither of which it is based.

F.i.b.: Free in bunkers; free into barge.

Flag Carrier: An airline of one national registry whose government gives it partial or total monopoly over international routes.

FOB (free on board): Seller is responsible for inland freight and all other costs until the cargo has been loaded on the vessel/aircraft. Buyer is responsible for ocean/air freight and marine/air insurance.

F.o.d.: Free of damage

Folded: An article folded in such a manner as to reduce its bulk 33 1/3% from its normal shipping cubage when not folded.

Force Majeure: The title of a standard clause found in marine contracts exempting the parties for nonfulfillment of their obligations by reasons of occurrences beyond their control, such as earthquakes, floods or war.

Foreign Trade Zone: A free port in the United Stated divorced from Customs authority but under Federal control. Merchandise, except that which is prohibited, may be stored in the zone without being subjected to the United States tariff regulation. Also called Free Trade Zone.

Foreign Trade Zone Entry: A form declaring goods which are brought duty free into a Foreign Trade Zone for further processing or storage and subsequent exportation.

Forwarder, Freight Forwarder, Foreign Freight Forwarder: An independent business that dispatches shipments for exporters for a fee. The firm may ship by land, air, or sea, or it may specialize. Usually it handles all the services connected with an export shipment; preparation of documents, booking cargo space, warehouse, pier delivery and export clearance. The firm may also handle banking and insurance services on behalf of a client. The U.S. forwarder is licensed by the Federal Maritime Commission for ocean shipments.

Foul Bill of Landing: A receipt for goods issued by a carrier with an indication that the goods were damaged when received.

F.P.A.A.C. F.p.a. (A.C.): Free of Particular Average, American Conditions- (Marine Insurance Term). The American form of clause commonly used, as distinguished from that used by the English underwriters. Under the American clause the underwriter does not assume responsibility for partial losses unless caused by stranding, sinking, burning or collision with another vessel whereas under the English clause, the underwriter assumes responsibility for partial losses if the vessel be stranded, sunk, burnt or in collision even though such an event did not actually cause the damage suffered by the goods. Conditions (See F.P.A.A.C.).

F.P.A.: Free of Particular Average (Marine Insurance Term). A term used in marine insurance policies to indicate that while the underwriter is unwilling to assume liability for ordinary partial losses due to the peculiar qualities of the particular article or to its form of package, he is willing to bear partial losses, the direct result of stranding, sinking, burning, collision, or other named peril

Free Alongside: Quoted price includes the cost of delivering the goods alongside a designated vessel.

Free In (F.I.): Cost of loading a vessel is borne by the charterer.

Free In and Out (F.I.O.): Cost of loading and unloading a vessel is borne by the charterer.

Free of Capture and Seizure (F.C.& S.): An insurance clause providing that loss is not insured if due to capture, seizure, confiscation and like actions, whether legal or not , or from such acts as piracy, civil war, rebellion and civil strife.

Free of Particular Average (F.P.A.): A marine insurance clause providing that partial loss or damage is not insured American conditions (F.P.A.A.C.). Partial loss is not insured unless caused by the vessel being sunk, stranded, burned, on fire, or in collision. English conditions (F.P. A.E.C.). Partial loss not insured unless a result of the vessel being sunk, stranded, burned, on fire, or in collision.

Free Out (F.O.): Cost of unloading a vessel is borne by the charterer.

Free Port: A port which is a foreign trade zone, open to all traders on equal terms; more specifically a port where merchandise may be stored duty-free, pending re-export or sale within that country.

Free Trade Zone: A port designated by the government of a country for duty-free entry of any non-prohibited goods. Merchandise may be stored, displayed, used for manufacturing, within the zone and re-exported without duties being paid. Duties are imposed on the merchandise (or items manufactured from the merchandise) only when the goods pass from the zone into an area of the country subject to the Customs Authority.

Freight Forwarder: An individual or company , acting on the behalf of a shipper, who arranges all necessary details of shipping and documentation for a manufacturer or exporter, which includes employing the services of a carrier of carriers.

Disclaimer

We publish the Industry terminology and acronyms as a courtesy to the international commerce community. While we have performed exhausting research in order to supply the most accurate and best available information we do not accept any responsibility for the usage of the terms as described in this website.

We have so many acronyms that they have been stored on seperate pages for speed in loading, please click on the alpha letter below to go to the page of the accronym you are looking for.

 
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