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E |
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Trade
Terms
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EX (POINT OF ORIGIN) |
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From the point where the shipment begins movement, e.g., "Ex
Factory" "Ex Mine" or "Ex Warehouse." See
"Terms of Sale."
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| EX-DOCK |
(From
dock.) Seller owns goods until they are unloaded on dock at port of
discharge; selling price includes all costs so far plus cost of
unloading from vessel.
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| EX-FACTORY |
Seller
owns goods until they are picked up at his factory; selling price is
the cost of the goods.
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F |
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Trade
Terms
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F.A.S. VESSEL |
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(Free alongside steamer.) Seller owns goods until they are delivered
alongside vessel; selling price includes all costs so far plus cost
of transportation to dock.
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| F.C.&S. |
Free
of Capture & Seizure - Clause excluding war risks from the
Marine Policy; war risks can be covered by issuing a separate War
Policy with an additional premium being charged.
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| F.O.B.
TRUCK |
(Free
on board truck.) Seller owns goods until they are loaded on truck at
his factory; selling price includes all costs so far plus cost of
loading on truck.
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F.O.B.
VESSEL
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(Free
on board vessel.) Seller owns goods until they are loaded on vessel;
selling price includes all costs so far plus cost of loading on
vessel.
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| F.O.B.
WAREHOUSE |
(Free
on board warehouse.) Seller owns goods until they are delivered to
buyer's warehouse at final destination; selling price includes all
costs so far plus transportation to final warehouse.
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| F.O.B./F.A.S.
ENDORSEMENT |
If
a merchant sells on F.O.B., F.A.S., C&F or similar terms, it is
the buyer's responsibility to place the insurance.
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| FORCE
MAJEURE |
The
title of a standard clause in marine contracts exempting the parties
for non-fulfillment of their obligations as a result of conditions
beyond their control, such as earthquakes, floods, or war.
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| 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 reexported 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.
Also called FOREIGN TRADE ZONE
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FREIGHT
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The
money charged by the carrier for transporting goods.
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