Terms used in freight forwarding such as export permit, Exports,federal maritime commission,ex-works,f.o.b. vessel,freight all kinds,facsimile

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Terms used in freight forwarding such as export permit, Exports,federal maritime commission,ex-works,f.o.b. vessel,freight all kinds,facsimile etc.

 

 

This post explains about terms used in freight forwarding such as export permit, Exports,federal maritime commission,ex-works,f.o.b. vessel,freight all kinds,facsimile etc. These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.

 

Terms used in freight forwarding

 

Export Management Company:A private firm that serves as the export department for several manufacturers, soliciting and transacting export business on behalf of it s clients in return for a commission, salary, or retainer plus commission.

 

EXPORT PERMIT: A government document authorizing the export of specific goods to designated countries.

 

Terms used in freight forwarding such as export permit, Exports,federal maritime commission,ex-works,f.o.b. vessel,freight all kinds,Export Sales Contract: The initial document in any international transaction; it details the specifics of the sales agreement between the buyer and seller.

 

Export Trading Company:A firm that buys domestic products for sale overseas. A trading company takes title to the goods; an export-management company usually does not.

 

Export: 1) In logistics, the movement of products from one country to another. For example, significant volumes of cut flowers are exported from The Netherlands to other countries of the world. 2) A computer term referring to the transfer of information from a source (system or database) to a target.

 

Exporter Identification Number (EIN): A number required for the exporter on the Shipper's Export Declaration. A corporation may use their Federal Employer Identification Number as issued by the IRS; individuals can use their Social Security Numbers.

 

Exporter:The party responsible for the export of goods.

 

Exporter:The person sending goods produced in one country to another country.

 

Exports: A term used to describe those products produced in one geography (typically a country) and shipped / sold in another.

 

Express B/L:Ocean Bill of Lading issued by the steamship line when cargo is consigned directly to the customer. Cargo is automatically released. No originals are issued.

 

eXtensible Markup Language (XML): The Extensible Markup Language (XML) is a markup language that provides a platform- and application-neutral format for describing data.

 

EXW Ex Works (named place) – Incoterms:The seller's only responsibility is to make the goods available at his premises, (ie works or factory). The buyer bears the full cost and risk involved in bringing the goods from there to the desired destination and the buyer must be able to carry out any required export formalities. The term represents the minimum obligation for the seller.

 

EXW- Ex Works ( INCOTERM)

 

EXW: See Ex Works

 

EX-Works:One of the simplest and most basic shipment arrangements places the minimum responsibility on the seller with greater responsibility on the buyer. In an EX-Works transaction, goods are basically made available for pickup at the shipper/seller's factory or warehouse and "delivery" is accomplished when the merchandise is released to the consignee's freight forwarder. The buyer is responsible for making arrangements with their forwarder for insurance, export clearance and handling all other paperwork.

 

F.A.S. VESSEL:(Free alongside steamer.) Seller owns goods until they are delivered alongside vessel; selling price includes all costs so far plus cost of transportation to dock.

 

F.A.S.: Free alongside or free alongside ship.

 

F.C.&S.:Free of Capture & Seizure - Clause excluding war risks from the Marine Policy; war risks can be covered by issuing a separate War Policy with an additional premium being charged.

 

F.C.L.: Full container load.

 

F.D.A. :Food and Drug Administration.

 

F.E.U.: Forty foot equivalent unit.

 

F.I.L.O.: Free in liner out.

 

F.I.L.T.D.: Free in liner terms discharge.

 

F.I.O.; Free in and out.

 

F.I.O.L.S. & D: Free in and out, lashed secured and dunnaged.

 

F.I.O.S.: Free in and out and stowed.

 

F.I.O.T.: Free in and out and trimmed.

 

F.M.C.: Federal Maritime Commission. The U.S. Governmental regulatory body responsible for administering maritime affairs including the tariff system, Freight Forwarder Licensing, enforcing the conditions of the Shipping Act and approving conference or other carrier agreements.

 

F.O.A. -See FOB Airport

 

F.O.B Origin :"F.O.B. Origin" means that title and risk pass to the buyer at the moment of the seller's delivery to the carrier. The parties may agree to have title and risk pass at a different time or to allocate freight charges by a written agreement.

 

F.O.B. (Free on Board):The price including cost of loading the goods for transportation at a specified place.

 

F.O.B. Destination:"F.O.B. Destination" changes the location where title and risk pass. Under this arrangement, title and risk remain with the seller until they have delivered the freight to the delivery location specified in the contract.

 

F.O.B. TRUCK:(Free on board truck.) Seller owns goods until they are loaded on truck at his factory; selling price includes all costs so far plus cost of loading on truck.

 

F.O.B. VESSEL:(Free on board vessel.) Seller owns goods until they are loaded on vessel; selling price includes all costs so far plus cost of loading on vessel.

 

F.O.B. WAREHOUSE:(Free on board warehouse.) Seller owns goods until they are delivered to buyer's warehouse at final destination; selling price includes all costs so far plus transportation to final warehouse.

F.O.B. :Free on board.

 

F.O.B./F.A.S. ENDORSEMENT:If a merchant sells on F.O.B., F.A.S., C &F or similar terms, it is the buyer's responsibility to place the insurance.

 

F.O.Q. :Free on quay.

 

F.O.R. :Free on rail.

 

F.O.T. :Free on truck.

 

Facsimile:The transmission of an exact copy of a document by wire or radio.

 

FacsimilFactory Delivery:The delivery of goods by a factory whereby the goods are put at the disposal of another (internal) party such as a commercial department.

 

FAF - See BAF

 

FAF:Fuel Adjustment Factor.

 

FAK ( Freight all Kinds)- A term used in sea and air freight business.(1)FAK Rate: A flat rate per container, or per unit of weight/measurement, regardless of the type of cargo.(2)FAK Container: A groupage or consolidated container, containing an assembly of compatible cargo belonging to different parties.

 

FAS Free Alongside Ship (named port of shipment) – Incoterms:The seller fulfils his obligation to deliver when the goods are placed alongside the vessel at the named port of shipment. This means that the buyer has to bear all costs and risks of loss of or damage to the goods from that point. The seller is responsible to clear the goods for export. This term can only be used for sea or inland waterway transport and its correct use is only when using a chartered ship, or when goods are not containerised.

 

Fast and Secure Trade (FAST): U.S. Customs program that allows importers on the U.S./Canada border to obtain expedited release for qualifying commercial shipments.

 

The above details describes about terms called in freight forwarding such as export permit, Exports,federal maritime commission,ex-works,f.o.b. vessel,freight all kinds,facsimile etc.These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in freight forwarding trade below this post. Terms used in freight forwarding such as entry,export receival advice,point of origin,ex works,export ,ex-factory,exempt carrier

 

 The above information is a part of Export Import Online Tutorial

 

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