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Factor
A factor is an agent who will, at a discount (usually five
to 8% of the gross), buy receivables.
FAK
Abbreviation for "Freight All Kinds." Usually refers
to full container loads of mixed shipments.
False Billing
Misrepresenting freight or weight on shipping documents.
FAS
Abbreviation for "Free Alongside Ship."
FCL
Abbreviation for "Full Container Load."
FD
Abbreviation for "Free Discharge."
F.D.A.
Food and Drug Administration.
Feeder Service
Cargo to/from regional ports are transferred to/from a central
hub port for a long-haul ocean voyage.
Feeder Vessel
A short-sea vessel which transfers cargo between a central
"hub" port and smaller "spoke"
ports.
FEU
Abbreviation for "Forty-Foot Equivalent Units."
Refers to container size standard of forty feet. Two twenty-foot
containers or TEU's equal one FEU.
Fifth Wheel
The semi-circular steel coupling device mounted on a tractor
which engages and locks with a chassis semi-trailer.
FIO
See Free In and Out.
Firkin
A capacity measurement equal to one-fourth of a barrel.
Fixed Costs
Costs that do not vary with the level of activity. Some fixed
costs continue even if no cargo is carried. Terminal leases,
rent and property taxes are fixed costs.
Flat Car
A rail car without a roof and walls.
Flat Rack/Flat Bed Container
A container with no sides and frame members at the front and
rear. Container can be loaded from the sides and top.
FMC (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.
FOB
See Free On Board. See also Terms of Sale, FOB.
FOR
Abbreviation for "Free on Rail."
Force Majeure
The title of a common clause in contracts, exempting the parties
for non-fulfillment of their obligations as a result of conditions
beyond their control, such as earthquakes, floods or war.
Fore and Aft
The direction on a vessel parallel to the center line.
Foreign Sales Corporation
Under U.S. tax law, a corporation created to obtain tax exemption
on part of the earnings of U.S. products in foreign markets.
Must be set-up as a foreign corporation with an office outside
the USA.
Foreign Trade Zone
A free port in a country divorced from Customs authority but
under government control. Merchandise, except that which is
prohibited, may be stored in the zone without being subject
to import duty regulations.
Fork Lift
A machine used to pick up and move goods loaded on pallets
or skids.
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.
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.
Forwarder Compensation
See Brokerage.
F.P.A.
See "Free of Particular Average."
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 Astray
An astray shipment (a lost shipment that is found) sent to
its proper destination without additional charge.
Free In and Out (FIO)
Cost of loading and unloading a vessel is borne by the charterer/shipper.
Free of Particular Average (FPA)
A marine insurance term meaning that the assurer will not
allow payment for partial loss or damage to cargo shipments
except in certain circumstances, such as stranding, sinking,
collision or fire.
Free on Board (FOB - U.S. Domestic
Use)
Shipped under a rate that includes costs of delivery to and
the loading onto a carrier at a specified point.
- FOB Freight Allowed: The same as FOB named inland carrier,
except the buyer pays the transportation charge and the seller
reduces the invoice by a like amount.
- FOB Freight Prepaid: The same as FOB named inland carrier,
except the seller pays the freight charges of the inland carrier.
- FOB Named Point of Exportation: Seller is responsible for
the cost of placing the goods at a named point of exportation.
Some European buyers use this form when they actually mean
FOB vessel.
- FOB Vessel: Seller is responsible for goods and preparation
of export documentation until actually placed aboard the vessel.
Free on Board (Int'l Use)
See Terms of Sale.
Free Out (FO)
Cost of unloading a vessel is borne by the charterer.
Free Port
A restricted area at a seaport for the handling of duty-exempted
import goods. Also called a Foreign Trade Zone.
Free Sale Certificate
The U.S. government does not issue certificates of free sale.
However, the Food and Drug Administration, Silver Spring,
Maryland, will issue, upon request, a letter of comment to
the U.S. manufacturers whose products are subject to the Federal
Food, Drug and Cosmetic Act or other acts administered by
the agency. The letter can take the place of the certificate.
Free Time
That amount of time that a carrier's equipment may be used
without incurring additional charges. (See Storage, Demurrage
or Per Diem.)
Free Trade Zone
A port designated by the government of a country for duty-free
entry of any non-prohibited goods. Merchandise may be stored,
displayed, used for manufacturing, etc., within the zone and
re-exported without duties.
Freight
Refers to either the cargo carried or the charges assessed
for carriage of the cargo.
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 Forwarder
A person whose business is to act as an agent on behalf of
the shipper. A freight forwarder frequently makes the booking
reservation.
Freighters
See Ships.
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