Terms used in shipping such as Framework Agreement,Franc Zone ,Free Alongside,Free Carrier,Free Astray,Free List

 

Terms used in shipping such as Framework Agreement,Franc Zone ,Free Alongside,Free Carrier,Free Astray,Free List etc

 

 

This post explains about terms used in shipping such as FORWARD,Foul Bill of Lading , Framework Agreement,Franc Zone ,Free Alongside,Free Carrier,Free Astray,Free List 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

 

FORWARD:At or in the direction of the bow. Also the fore part of the ship.

 

FORWARDED SHIPMENT:Move that originates on CSXT and is then delivered to another carrier

 

Forwarder Compensation:See Brokerage.

 

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, including preparation of documents, booking cargo space, warehousing, 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.

 

Terms used in shipping such as Framework Agreement,Franc Zone ,Free Alongside,Free Carrier,Free Astray,Free List etcForwarding Agent or Forwarder - Person or company who arranges the carriage of goods and the associated formalities on behalf of a shipper. The duties of a forwarding agent include booking space on a ship, providing all the necessary documentation and arranging Export Customs clearance. Also referred to as freight forwarder.

 

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

 

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

 

Foul Bill of Ladinq - See dirty Bill of Lading.

 

Four-Way Pallet:A pallet designed so that the forks of a fork lift truck can be inserted from all four sides. See Fork lift.

 

FOW - First Open Water - Time in Spring or early Summer when rivers, lakes, or seas are unfrozen and sufficiently free of ice to be open to navigation. The term is normally used in the <st1:place>Great lakes</st1:place> or Baltic trades and usually refers to sometime in April.

 

FRA - Forward (or Future) Rate Agreement

 

FRA:Federal Railroad Administration – The FRA deals specifically with transportation policy as it affects the nation’s railroads and is responsible for enforcement of rail safety laws

 

Framework Agreement- Tokyo Round: - The Tokyo Round called for consideration to be given "to improvements in the international framework for the conduct of world trade." Four separate agreements make up what is known as the "framework agreement." They concern: (1) differential and more favorable treatment for, and reciprocity and fuller participation by, developing countries in the international framework for trade; (2) trade measures taken for balance of payments purposes; (3) safeguard actions for development purposes; and (4) an understanding on notification, consultation, dispute settlement, and surveillance in the GATT.- Enterprise for the Americas Initiative: Under the umbrella of the Enterprise for the Americas Initiative the United States and interested Western hemisphere countries are negotiating bilateral framework agreements which establish agreed upon stages for eliminating counter-productive barriers to trade and investment. They also provide a forum for bilateral dispute settlement. 'Generally, the bilateral framework agreements contain similar objectives. They are based on a statement of agreed principles regarding the benefits of open trade and investment, increased importance of services to economies, the need for adequate intellectual property rights protection, the importance of observing and promoting internationally-recognized worker rights, and the desirability of resolving trade and investment problems expeditiously. The parties establish a Council on Trade and Investment to monitor trade and investment relations, hold consultations on specific trade and investment matters of interest to both sides, and work toward removing impediments to trade and investment flows. Framework agreements do not bind signatories to implement specific trade liberalization measures.

 

Franc Zone - The Franc Zone (French: Zone Franc, ZF) is a monetary union among countries whose currencies are linked to the French franc at a fixed rate of exchange: Benin, Burkina, the Cameroon, Central African Republic, Chad, Comoros, Congo, Equatorial Guinea, France, Gabon, Cote d'Ivoire, Mali, Niger, Senegal, and Togo. These countries have agreed to hold their reserves primarily in French francs and to transact exchanges on the Paris market. The zone was established in May 1951 under the auspices of a French government agency: Comite Monetaire de ZF.

 

Free Along Side (FAS):A basis of pricing meaning the price of goods alongside a transport vessel at a specified location. The buyer is responsible for loading the goods onto the transport vessel and paying all the cost of shipping beyond that location.

 

Free Alongside - A term for the quoted price which includes the cost of delivering the goods alongside a designated vessel.

 

Free Alongside (F.A.S.) (or free alongside steamer) - The seller must deliver the goods to a pier and place them within reach of the ship's loading equipment. The buyer arranges ship space and informs the seller when and where the goods are to be placed.

 

Free Alongside (FAS):The seller must deliver the goods to a pier and place them within reach of the ship's loading equipment. See Terms of Sale.

 

Free Alongside Ship - Free Alongside Ship, FAS, at a named port of export. Under FAS, the seller quotes a price for the goods that includes charges for delivery of the goods alongside a vessel at the port of departure. The seller handles the cost of unloading and wharfage; loading, ocean transportation, and insurance are left to the buyer. FAS is also a method of export and import valuation.

 

Free Astray:An astray shipment (a lost shipment that is found) sent to its proper destination without additional charge.

 

Free Carrier ( FCA ):Free Carrier , FCA , to a named place. This term replaces the former " FOB named inland port" to designate the seller's responsibility for the cost of loading goods at the named shipping point. It may be used for multimodal transport, container stations, and any mode of transport, including air.

 

Free Carrier (FCA)-An Incoterm of sale meaning the seller has delivered when the cargo is given to the carrier nominated by the buyer at the named place

 

Free Carrier ... (named point) - Free Carrier, FCA, to a named place. This term replaces the former "FOB named inland port" to designate the seller's responsibility for the cost of loading goods at the named shipping point. It may be used for multimodal transport, container stations, and any mode of transport, including air.

 

Free Circulation Goods:Goods where the Import Duty, VAT and any Excise Duties have been paid and are no long under Customs control.

 

Free In - A pricing term indicating that the charterer of a vessel is responsible for the cost of loading goods onto the vessel.

 

Free In (F.I.) - It is a pricing term in which the charterer of a vessel is responsible for the cost of loading goods onto the vessel.

 

FREE IN (FI):Means the cost of loading a vessel is borne by the charterer.

 

Free In and Out - A pricing term indicating that the charterer of a vessel is responsible for the cost of loading and unloading goods from the vessel.

 

Free In and Out (F.I.O.) - It is a pricing term in which the charterer of a vessel is responsible for the cost of loading and unloading of goods from the vessel.

 

Free In and Out (FIO):Cost of loading and unloading a vessel is borne by the charterer/shipper.

 

Free List - A list of goods that have been designated as free from import duties or import port licensing requirements in a given country .

 

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.

 

The above details describes about terms called in shipping such as FORWARD,Foul Bill of Lading , Framework Agreement, Franc Zone ,Free Alongside, Free Carrier, Free Astray, Free List 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 Foreign,Forfaiting,Former Soviet Union ,Forty-Foot Equivalent Units

Related posts about free online training on overseas trade:

 

 

How to export your product?
Click here to know HS code of your product
What is the ITC code (Indian Tariff Code) of your product?
12 Major risks and solutions in Imports and Exports
Disadvantages of Letter of credit (LC) for Exporter
Foreign Trade Agreements of India
Mode of payments in international trade
Packing credit loan to Indian Exporters
Wool and Woollens Export Promotion Council
Wool Industry Export Promotion Council
Tobacco Board
Types of Insurance Documents
How does CENVAT Credit work?
Import General Manifest (IGM)
Importance of Bill of Lading
Is Airway bill a documents of title?
Is Customs House Agents (CHA ) required to be appointed mandatory?
Is DP terms of payment safe in export business?


Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers