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Ff
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| Facilitation |
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Any program designed to expedite the flow of international commerce. |
| FAS - Incoterms 2000 |
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"Free Alongside Ship" means that the seller delivers 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 moment.
The FAS term requires the seller to clear the goods for export.
THIS IS A REVERSAL FROM PREVIOUS INCOTERMS VERSIONS WHICH REQUIRED THE BUYER TO ARRANGE FOR EXPORT CLEARANCE.
However, if the parties wish the buyer to clear the goods for export, this should be made clear by adding explicit wording to this effect in the contract of sale.
This term can be used only for sea or inland waterway transport.
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| Factor |
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An agent who receives merchandise under a consignment or bailment contract, who sells it for the principal or in the factor's own name, and who is paid a commission for each sale. |
| Factor's Lien |
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The right of a factor to retain the principal's merchandise until the factor receives full compensation from the principal. |
| Factorage |
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The commission or other compensation paid to a factor. |
| Fair Value |
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The weighted average of a product's domestic market prices. |
| FCA - Incoterms 2000 |
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"Free Carrier" means that the seller delivers the goods, cleared for export, to the carrier nominated by the buyer at the named place. It should be noted that the chosen place of delivery has an impact on the obligations of loading and unloading the goods at that place. If delivery occurs at the seller's premises, the seller is responsible for loading. If delivery occurs at any other place, the seller is not responsible for unloading.
This term may be used irrespective of the mode of transport, including multimodal transport.
"Carrier" means any person who, in a contract of carriage, undertakes to perform or to procure the performance of transport by rail, road, air, sea, inland waterway or by a combination of such modes.
If the buyer nominates a person other than a carrier to receive the goods, the seller is deemed to have fulfilled his obligation to deliver the goods when they are delivered to that person. |
| FCL |
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Full Container Load. or Full Cargo Load. |
| FDA |
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Food And Drug Administration. |
| Federal Reserve System |
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The central banking system of the United States; coordinator of monetary policy. |
| Feeder Vessel |
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A vessel which is used to connect to a line vessel which directly services a port. |
| FEU |
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Forty foot equivalent units (Two 20 ft containers = 1 FEU). |
| Financial Instrument |
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A document which has monetary value or is evidence of a transaction. |
| Financial Market |
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Market for the exchange of capital and credit in an economy; it is divided into money markets and capital markets. |
| First World Countries |
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Western, industrialized, non-communist countries. |
| Five Draqons |
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Term used to describe the emerging economies of Hong Kong, Singapore, South Korea, Taiwan, and Thailand. |
| Fixed Charges |
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Charges which do not increase or decrease with a change in volume. |
| Fixed Exchange |
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An administratively fixed exchange rate where no rate fluctuations are possible. |
| Fixing |
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Establishing of the official exchange rate of a domestic currency against other negotiable currencies. |
| Flag |
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A reference to the country or registry of a vessel. |
| Flag of Convenience |
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The national flag flown by a ship that is registered in a country other than that of its owners. |
| Flight of Capital |
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The movement of capital to avoid loss or increase gain. |
| Floating |
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Free determination of exchange rates based on supply and demand with no intervention on the part of the central bank. |
| Flotsam |
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Floating debris or wreckage of a ship and its cargo. |
| FOB - Incoterms 2000 |
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"Free on Board" means that the seller delivers when the goods pass the ship's rail 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 FOB term requires the seller to clear the goods for export. This term can be used only for sea or inland waterway transport. If the parties do not intend to deliver the goods across the ship's rail, the FCA term should be used. |
| Force Majeure |
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Any condition or circumstances such as earthquakes, flood, or war, that prevents the carrier from delivering the goods. |
| Foreign Bond |
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An international bond denominated in the currency of the country where it is issued. |
| Foreign Commerce |
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Trade between individuals or legal entities in different countries. |
| Foreign Currency |
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The currency of any foreign country which is the authorized medium of circulation. |
| Foreign Exchange Contract |
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A contract for the sale or purchase of foreign exchange specifying an exchange rate and delivery date. |
| Foreign Exchange Rate |
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The price of one currency in terms of another. |
| Foreign Exports |
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The U.S. export of foreign merchandise consisting of foreign commodities and goods in Customs bonded warehouses. |
| Foreign Flag |
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A reference to a carrier not registered in a country but flies that country's flag. |
| Foreign Income |
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Income earned by Americans from work performed in another country. |
| Foreign Investment |
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The purchase of assets from abroad. |
| Foreign Market Value |
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The price at which merchandise is sold in the principal markets of the country from which it is exported. |
| Foreign Parent |
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The first foreign person or entity outside the United States in an affiliates's ownership chain that has direct investment in the affiliate. |
| Foreign Person |
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A person who resides outside of the United States or is subjest to the jurisdiction of a country other than the United States. |
| Foreign Remittances |
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The transfer of any monetary instrument across national boundaries. |
| Forward Foreign Exchange |
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An agreement to purchase foreign currency at a future date at a predetermined rate. |
| Foul Bill of Lading |
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A receipt for goods with the indication that they were received damaged or short in quantity. |
| Fractional Currency |
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Any currency that is smaller than a standard money unit.
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| Franco |
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Free from duties, transportation charges and other levies. |
| Free Domicile |
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Term to describe when the shipper pays all the transportation charges and applicable duties. |
| Free In |
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A pricing term indicating that the loading charges are for the account of the supplier. |
| Free In and Out |
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A pricing term indicating that the vessel operator is responsible for the cost of loading and unloading. |
| Free List |
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A statement of items that are not liable to the payment of duties. |
| Free Market |
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Unrestricted movement of items in and out of a market, unhampered by the existance of tariffs or other trade barriers. |
| Free Out |
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A pricing term indicating that unloading charges are for the account of the receiver. |
| Free Port |
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An area where imported goods may be brought without payment of duties. |
| Free Time |
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The time allowed shippers and receivers to load or unload cars before demurrage or detention. |
| Free Zone |
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An area within a country (a seaport, airport, warehouse or any designated area) regarded as being outside its customs territory where importers may bring goods of foreign origin without paying customs duties and taxes, pending their eventual processing, transshipment or re-exportation. |
| Free-Astray |
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A shipment dropped off at the wrong location is forward to the proper location free of charge. |
| Freight |
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All merchandise, goods, products, or commodities shipped by rail, air, road, or water, other than baggage, express mail, or regular mail.
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| Freight Charge |
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The charge assessed for transporting freight.
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| Freight Claim |
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A demand upon a carrier for the payment of overcharge or loss or damage sustained by shipper or consignee. |
| Freighter |
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A ship or airplane used primarily to carry freight. |
| Fungibles |
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Goods that are identical with other goods of the same nature.
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| Futures Contract |
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A contract for the future delivery of a specified commodity, currency or security on a specific date at a rate determined in the present. |
