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free alongside ship
free alongside shipadv. & adj. Without charge to the purchaser for delivery to the point of loading aboard ship.free alongside ship adj (Commerce) (of a shipment of goods) delivered to the dock without charge to the buyer, but excluding the cost of loading onto the vessel. Abbreviation: FAS or f.a.s Also: free alongside vessel Compare free on board TranslationsFree Alongside Ship
Free Alongside Ship (f.a.s.), a commercial expression used to describe certain sales of goods that are shipped by sea. When goods are sold on an f.a.s. basis, the seller is responsible for transporting the goods to a loading point designated by the buyer; the price of the goods includes these transport charges. The buyer pays for loading the goods on board ship. As a rule, the seller bears responsibility for damage and spoilage until the goods are placed alongside the ship, after which responsibility passes to the buyer. MedicalSeeFASFree Alongside Ship
Free Alongside Ship (FAS)An Incoterm (FAS) that means the seller is responsible for the cost of transporting and delivering goods alongside a vessel in a port in his or her country. Since the buyer has responsibility for export clearance under FAS, it is not a practical Incoterm for U.S. exports. FAS should be used only for ocean shipments since risk and responsibility shift from seller to buyer when the goods are placed within the reach of the ship's tackle (crane).Free Alongside ShipIn maritime, international commerce, an agreement between a buyer (importer) and a seller (exporter) in which the seller is responsible for the transportation and risk of the good until it is within reach of the ship's crane, at which point the buyer assumes responsibility for both. That is, the seller does not bear the expense or risk of actually loading the good onto the ship. The buyer is responsible for clearing the good through customs in both the home country and the country of delivery.AcronymsSeeFOS |