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F.P.A.A.C.
F. p.a.
(A.C.) |
Free of Particular Average, American
Conditions-(Marine Insurance Term). The American form
of clause commonly used, as distinguished from that
used by the English underwriters. Under the American
clause the underwriter does not assume responsibility
for partial losses unless caused by stranding, sinking,
burning or collision with another vessel whereas under
the English clause, the underwriter assumes responsibility
for partial losses if the vessel be stranded, sunk,
burnt or in collision even though such an event did
not actually cause the damage suffered by the goods.
Conditions (See F.P.A.A.C.). |
| F.
& D. |
Freight and demurrage. |
| F.C.L. |
Full container load, full car load. |
| F.c.s. |
Free of capture and seizure. |
| f.c.s.r.c.c. |
Free of capture, seizure, riots
and civil commotions. |
| F.i.b. |
Free in bunkers; free into barge. |
| F.o.d. |
Free of damage. |
| F.P.A. |
Free of Particular Average (Marine
Insurance Term). A term used in marine insurance policies
to indicate that while the underwriter is unwilling
to assume liability for ordinary partial losses due
to the peculiar qualities of the particular article
or to its form of package, he is willing to bear partial
losses, the direct result of stranding, sinking, burning,
collision, or other named peril. |
| FAS
(free alongside ship) |
Seller is responsible for inland
freight costs until goods are located alongside the
vessel/aircraft for loading. Buyer is responsible for
loading costs, ocean /air freight and marine/air insurance. |
| Fathom |
(Nautical) Conversion equivalents
6 feet; 1.83 metres. |
| FEU |
Forty foot equivalent. |
| FIATA |
International Federation of Freight
Forwarders Associations. |
| Fifth
Freedom Flight |
Where cargo is carried by an airline
between two countries in neither of which it is based. |
| Flag
Carrier |
An airline of one national registry
whose government gives it partial or total monopoly
over international routes |
| FOB
(free on board) |
Seller is responsible for inland
freight and all other costs until the cargo has been
loaded on the vessel/aircraft. Buyer is responsible
for ocean/air freight and marine/air insurance. |
| Folded |
An article folded in such a manner
as to reduce its bulk 33 1/3% from its normal shipping
cubage when not folded. |
| Force
Majeure |
The title of a standard clause
found in marine contracts exempting the parties for
nonfulfillment of their obligations by reasons of occurrences
beyond their control, such as earthquakes, floods or
war. |
| Foreign
Trade Zone |
A free port in the United Stated
divorced from Customs authority but under Federal control.
Merchandise, except that which is prohibited, may be
stored in the zone without being subjected to the United
States tariff regulation. Also called Free Trade Zone. |
| Foreign
Trade Zone Entry |
A form declaring goods which are
brought duty free into a Foreign Trade Zone for further
processing or storage and subsequent exportation. |
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; preparation of documents, booking cargo space,
warehouse, 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. |
| Foul
Bill of Landing |
A receipt for goods issued by a
carrier with an indication that the goods were damaged
when received. |
| Free
Alongside |
Quoted price includes the cost
of delivering the goods alongside a designated vessel. |
| Free
In (F.I.) |
Cost of loading a vessel is borne
by the charterer. |
| Free
In and Out (F.I.O.) |
Cost of loading and unloading a
vessel is borne by the charterer. |
| 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. |
| Free
of Particular Average (F.P.A.) |
A marine insurance clause providing
that partial loss or damage is not insured American
conditions (F.P.A.A.C.). Partial loss is not insured
unless caused by the vessel being sunk, stranded, burned,
on fire, or in collision. English conditions (F.P.
A.E.C.). Partial loss not insured unless a result of
the vessel being sunk, stranded, burned, on fire, or
in collision. |
| Free
Out (F.O.) |
Cost of unloading a vessel is borne
by the charterer. |
| Free
Port |
A port which is a foreign trade
zone, open to all traders on equal terms; more specifically
a port where merchandise may be stored duty-free, pending
re-export or sale within that country. |
| 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, 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
Forwarder |
An individual or company , acting
on the behalf of a shipper, who arranges all necessary
details of shipping and documentation for a manufacturer
or exporter, which includes employing the services
of a carrier of carriers. |
