Terms used in shipping such as Foreign Exchange,Factor,Fair Value ,freight all kinds,Free Alongside, Free Alongside Ship

 

Terms used in shipping such as Foreign Exchange,Factor,Fair Value ,freight all kinds,Free Alongside, Free Alongside Ship etc.

 

 

This post explains about terms used in shipping such as Foreign Exchange,Factor,Fair Value ,freight all kinds,Free Alongside, Free Alongside Ship,Fast Track ,Free and Secure Trade,Free Carrier 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 shipping

 

F/C - Full and Complete Cargo - This expression characterizes a full cargo, in accordance with the custom of the port, which will either bring the vessel down to her maximum permissible draft or fill the vessel cubically as the case may be.

 

F/R - Freight release

 

F/X - Foreign Exchange

 

FA - Food and Agricultural Organization

 

FAAS - Foreign Affairs Administrative Support

 

Terms used in shipping such as Foreign Exchange,Factor,Fair Value ,freight all kinds,Free Alongside, Free Alongside Ship etcFAC - Fast as Can - Term used in a contract of carriage, particularly in those of shipping lines, to denote that the shipper must supply the cargo as fast as the ship can load or that the receiver must take delivery as fast as the ship can discharge.

 

Fac. – Facultative

 

Fac./oblig. - Facultative/obligatory

 

FACCOP - Fast as Can Custom of the Port - see FAC - Fast as Can and COP - Custom of the Port.

 

Factor:A factor is an agent who will, at a discount (usually five to 8% of the gross), buy receivables.

 

Factoring - Factoring is the discounting of a foreign account receivable that does not involve a draft. The exporter transfers title to its foreign accounts receivable to a factoring house for cash at a discount from the face value. Factoring is often done without recourse to the exporter. Export factoring allows an exporter to ship on "open account," by which goods are shipped without guarantee of payment (that is, a letter of credit). The factor assumes financial ability of the customer to pay and handles collections on the receivables. See: Factoring House. Forfaiting.

 

Factoring Houses - Certain companies which purchase export receivables (e.g., the invoices to foreign buyers) at a discounted price, usually about two to four percent less than their face value.

 

FAF - Fuel Adjustment Factor - see bunker surcharge.

 

FAF:Fuel Adjustment Factor. An ancillary charge on ocean freight shipments to account for fluctuations in fuel costs.

 

Fair Value - The reference against which U.S. purchase prices of imported merchandise are compared during an antidumping investigation. Generally expressed as the weighted average of the exporter's domestic market prices, or prices of exports to third countries during the period of investigation. In some cases fair value is the constructed value. Constructed value is used if there are no, or virtually no, home market or third country sales or if the number of such sales made at prices below the cost of production is so great that remaining sales above the cost of production provide an inadequate basis for comparison. See: Tariff Act of 1930.

 

fairway - Navigable channel.

 

FAK - Freight All Kinds - Single freight rate which is charged irrespective of the commodity.

 

FAK (FREIGHT ALL KINDS):A carrier’s tariff description for products pooled and all shipped at one rate. FAK cargo is usually shipped in a container filled with different merchandise or commodities.

 

FAK:Abbreviation for "Freight All Kinds." Usually refers to full container loads of mixed shipments.

 

FAK:Freight All Kind. A system whereby freight is charged per container, irrespective of the nature of the cargoes, and not according to a Tariff. FAS Free Alongside Ship. An INCOTERMS term of sale in which the buyer is responsible for all charges of the transportation of the cargoes after they arrive at the side of the ship. It is not a commonly-used term of sale in international trade today.

 

FAK:Freight All Kind. System whereby freight is charged per container, irrespective of the nature of the goods, and not according to a Tariff.

 

False Billing:Misrepresenting freight or weight on shipping documents.

 

FAM Tour - Familiarization tour for travel agents or journalists planned and executed by a destination or region, usually in cooperation with an international airline.

 

FAS - Foreign Agricultural Service, Free Alongside Ship

 

FAS - Free Alongside - Under this term the seller's obligations are fulfilled when the goods have been placed alongside the ship on the quay or in lighters. This means that the buyer has to bear all costs and risks of toss or damage to the goods from that moment. It should be noted that unlike fob, the present term requires the buyer to clear the goods for export

 

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.

 

FAS - United States Foreign Agricultural Service

 

FAS (free alongside ship) - It is an Incoterm, which means that the seller pays for the transportation of the goods to the port of shipment. The loading costs, freight, insurance, unloading-costs and transportation from the port of destination to the factory is paid by the buyer. The passing of the risk occurs when the goods have been delivered to the quay at the port of shipment.

 

FAST (Free and Secure Trade):A joint Canada/US border security agreement, of which C-TPAT and PIP are the main initiatives.

 

Fast Track - Fast track procedures for approval of trade agreements were included by Congress in trade legislation in 1974, in 1979, and again in the 1988 Trade Act. Fast track provides two guarantees essential to the successful negotiation of trade agreements: (1) a vote on implementing legislation within a fixed period of time, and (2) a vote, up or down, with no amendments to that legislation. Provisions in the Omnibus Trade and Competitiveness Act of 1988 include that the foreign country request negotiation of an FTA and that the President give the Congress a 60-legislative-day notice of intent to negotiate an FTA. During the 60-legislative-day period, either committee can disapprove fast track authority by a majority vote. Disapproval would likely end the possibility of FTA negotiations. The 60-legislative-days can translate into five to ten months of calendar time, depending on the Congressional schedule. Formal negotiations would begin following this 60-day Congressional consideration period.

 

FATHOM:A nautical measurement with the following conversion equivalents: 6 feet; 1.83 meters.

 

FAZ - Foreign Access Zone

 

FBIS - Foreign Broadcast Information Service

 

FBP - Foreign Buyer Program

 

FBSEA - Foreign Bank Supervision Enhancement Act

 

FBT:Full Berth Terms. Indicates that the cost of loading and discharge is included in the steamship rate quoted. Ship owner pays these.

 

FC - Foreign and Commonwealth Office

 

FCA - Free Carrier

 

FCA Free Carrier (named place) – Incoterms:The Seller fulfills his obligation to deliver when he has handed over the goods, cleared for export, into the charge of a carrier, or another person, named by the buyer at the named place or point. This term may be used for any mode of transport, including multi-modal transport.

 

FCC - First Class Charterers - a commonly used, meaningless phrase, which should be avoided. Better to say, if you need to keep the name undisclosed: "local charterers or a similar phrase".

 

The above details describes about terms called in shipping such as Foreign Exchange,Factor,Fair Value ,freight all kinds,Free Alongside, Free Alongside Ship,Fast Track ,Free and Secure Trade,Free Carrier 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 shipping business below this post.Terms used in shipping such as Fore hatch,Free in wagon,Towed,Free-in-and-out,Free of damage,Forepeak tank

 

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