Terms used in freight forwarding such as fortuitous,foot equivalent unit,foul bill ,free arrival depot , freight bill,freight charge,freight forwarder etc.
This post explains about terms used in freight forwarding such as fortuitous,foot equivalent unit,foul bill ,free arrival depot ,free astray,free on board,free trade zone,freight bill,freight charge,freight forwarder 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
Form A:"Form A" refers to an origin declaration document, required by importers from their foreign suppliers, to enable the importer to receive favorable Customs duty considerations for goods imported under the Generalized Systems of Preference (GSP). The documents may be supplied only by the foreign shipper, and are not available in the U.S.
Form B:"Form B" would refer to the U.S. . Exporter's version of an origin declaration, and is represented by the U.S./Israel Free Trade area Certificate of Origin used by U.S. exporters for shipments to Israel.
Fortuitous -Accidental; Produced by chance or fortune
Forty Foot Equivalent Unit:Abbreviation: FEU Unit of measurement equivalent to one forty foot container.
Forty-foot Equivalent Unit (FEU): A standard size intermodal container.
FORWARDER (FWDR): Appointed by the shipper, and as an agent of the airline, to process and arrange export consignments overseas.
Forwarder's Receipt:Receipt issued by the appointed forwarder that goods have been received without exception for export. Could be used in case of Letter of Credit shipment under Ex-Works terms of sale.
FORWARDING - When Gallagher Transport Int'l. acts as a forwarder, it generally involves making all transportation arrangements for the customer. It does not dictate what type of ocean/air transportation services G.T.I. will provide.
Forwarding Charge:Charges paid or to be paid for preliminary surface or air transport to the airport of departure by a forwarder, but not by a carrier under an Air Waybill (air cargo).
Forwarding Instruction:Document issued to a freight forwarder, giving instructions to the forwarder for the forwarding of goods described therein.
FOT: Free on truck. Includes all loading, discharging and seafreight costs. Also includes costs of placing goods onto trucks at the quay.
Foul Bill -See Unclean Bill of Lading.
FPA -Free of Particular Average. In marine insurance, means that the insurer is not responsible for partial losses other than a general average partial loss.
Free Alongside Ship (FAS): A shipping contract term indicating that the seller must place the goods alongside the ship at the named port and be liable for all charges and risks prior to placement. The seller must clear the goods for export; this changed in the 2000 version of the Incoterms. Suitable for maritime transport only.
FREE ARRIVAL BORDER (DAF):Charges incurred up to arrival of cargo at stated border payable by consignor. Ensuing charges payable by consignee.
FREE ARRIVAL DEPOT (CPT or CIP):Charges incurred up to arrival of cargo at stated depot payable by consignor. Ensuing charges payable by consignee.
FREE ASTRAY: Freight that is moved free of charge usually because it has become separated from the remainder of the shipment or was mis-shipped by the carrier.
Free Carrier (FCA)- INCOTERM- Goods are delivered free, cleared for export, to a named carrier at a named point.
FREE DOMICILE CLEARED (DDU-CLEARED):All charges to delivered consignees site including customs clearance and duties. Excluding taxes, payable by consignor.
FREE DOMICILE CLEARED INCLUDING DUTY & TAXES (DDP):All charges to delivered consignees site including customs clearance, duties and taxes, payable by consignor A8A Canadian bond document (see CF7512) for the movement of shipments under Canada Customs control from one Canadian port to another
FREE DOMICILE CLEARED INCLUDING DUTY (DDP):All charges to delivered consignees site including customs clearance, and duties. Excluding taxes, payable by consignor.
FREE IN: Free of expenses to the ship-owner of cargo handling at the loading port.
Free On Board (FOB) - An international term of sale. The goods are placed on board a ship by the seller at a port of shipment named in the sales contract. The risk of loss or damage to the goods is transferred from the seller to the buyer when the goods pass the ship's rail.
FREE ON TRAILER (FCA):Charges incurred up to cargo loaded on trailer is payable by consignor. Ensuing charges payable by consignee.
Free Time - That amount of time that a carrier's equipment may be used without incurring additional charges. (See Demurrage or Per Diem)
Free Trade Zone or Foreign Trade Zone (FTZ): Also known as an export processing zone (EPZ), one or more special areas of a country where some normal trade barriers such as tariffs and quotas are eliminated and bureaucratic requirements are lowered in hopes of attracting new business and foreign investments. Free trade zones can be defined as labor intensive manufacturing centers that involve the import of raw materials or components and the export of factory products.
Free Trade Zone:A port designated by the government of a country for duty-free entry of any non-prohibited goods. Merchandise may be sorted, displayed, used for manufacturing, etc., 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.
Free Trade Zone:A port designated by the government of a country for duty-free entry of any non-prohibited goods. Merchandise may be sorted, displayed, used for manufacturing, etc., 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 Bill - A document issued by the carrier based on the bill of lading and other information; used to account for a shipment operationally, statistically, and financially. An Invoice.
Freight Bill: The carrier's invoice for transportation charges applicable to a freight shipment.
FREIGHT BROKER :A company that specializes in finding the most cost-effective way of moving freight for commercial companies – usually door-door and they look for “all-in” rates, often per skid rather than per pound. They do NOT issue their own Bill of Lading and, as such, the carrier they use is responsible for full legal liability insurance.
Freight Brokerage - A commission paid to a licensed Freight Forwarder or Custom House Broker by the steamship line concerning export transactions. Commission is paid either as a percentage or the freight charges or as a lump sum amount per container, depending on the carrier and/or trade lane.
Freight Carriers: Companies that haul freight, also called "for-hire" carriers. Methods of transportation include trucking, railroads, airlines, and sea borne shipping.
FREIGHT CHARGE - The money charged by the carrier for the transporting goods.
Freight Charge: The rate established for transporting freight.
Freight Collect :The freight and charges agreed by the shipper and carrier is payable at destination.
Freight Consolidation: The act of combining individual shipments into a single lot in order to reduce costs or improve transport equipment utilization. Consolidation can take a variety forms by customer, geography, shipping land or schedule. Consolidation may occur at the shipping facility or may be a service of a third party.
Freight Forwarder - A person whose business is to act as an agent on behalf of the shipper. A freight forwarder frequently makes the booking reservation.
Freight Forwarder :Company or person who organizes transportation of cargo including one or all of the following: sea, truck, air or rail transport, haulage and customs clearance.
The above details describes about terms called in freight forwarding such as fortuitous,foot equivalent unit,foul bill ,free arrival
depot ,free astray,free on board,free trade zone,freight bill,freight charge,freight forwarder 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 free into store,flat bed,flat rack,flow,free on board ,foreign trade zone,forklift truck
The above information is a part of Export import business Course online
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