Terms used in freight forwarding such as free into store,flat bed,flat rack,flow,free on board ,foreign trade zone,forklift truck

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Terms used in freight forwarding such as free into store,flat bed,flat rack,flow,free on board ,foreign trade zone,forklift truck etc.

This post explains about terms used in freight forwarding such as store,flat bed,flat rack,flow,free on board ,foreign trade zone,forklift truck etc.These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.

Terms used in freight forwarding

FIS Free into Store – Incoterms:An unofficial trade term indicating that the seller's price includes all costs up to delivery to the buyer. This is similar in effect to DDP.

FLAG OF CONVENIENCE :Registration of a ship in a country whose tax on the profit of trading ships is low.

Flag:An indication of the country in which a means of transport is registered through a reference to the ensign of this country.

Terms used in freight forwarding such as free into store,flat bed,flat rack,flow,free on board ,foreign trade zone,forklift truck etcFlammable:Capable to be set on fire under given circumstances. (Amendment 25 IMO DGS).

Flash Point -The lowest temperature at which vapour from a liquid may ignite.

Flash Point:The lowest temperature at which a good produces enough vapour to form a flammable mixture with air.

FLAT BED An open truck used for moving large or unwieldy pieces of freight that would not fit in an enclosed truck.

Flat Car - Platform rail car on which trailers, containers, etc. are loaded.

Flat rack container -A container with open sides and collapsible ends. Some can be fitted with side gates and roof tarpaulins.

Flat Rack Container:A container with two end walls and open sides.

 

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. See Container Specifications.

Flat Rack:A device which is designed for cargos which will not fit into containers to be shipped on container ships. Consists of a base and two ends of the same dimensions as an ISO container.

Flat Rack:Usually a wheel-less piece of equipment to which a piece of cargo is attached, strapped, or otherwise secured. Standard size is 20' or 40' long.

Flat: A loadable platform having no superstructure whatever but having the same length and width as the base of a container and equipped with top and bottom corner fittings. This is an alternative term used for certain types of specific purpose containers - namely platform containers and platform-based containers with incomplete structures.

Flatbed: A flatbed is a type of truck trailer that consists of a floor and no enclosure. A flatbed may be used with “sideboards” or “tie downs” which keep loose cargo from falling off.

Fleet:Any group of means of transport acting together or under one control.

FLIGHT NUMBER: The designation of a flight.

Flotsam- Cargo which floats after being lost or cast overboard.

Flow-Through Distribution: A process in a distribution center in which products from multiple locations are brought in to the D.C. and are re-sorted by delivery destination and shipped in the same day. Typically involving a combination of TL and LTL carrier resources, this practice eliminates warehousing, reduces inventory levels and speeds order turnaround time.

fluids, component parts, subassemblies, finished assemblies, packaging, etc. Usually differentiated by form, fit or function. Items which are painted different colors are generally viewed as different items.

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.

FMC (Federal Maritime Commission) - U.S. Government Agency responsible for overseeing regulatory aspects of all maritime activities.

FO (Free Out):FO is the international shipping term in ocean freight that indicates that the consignee (recipient) is responsible for the cost of unloading cargo from the vessel at the destination.

FOB Free On Board (named port of shipment) – Incoterms:The seller fulfils his obligation to deliver when the goods have passed over 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 seller is responsible to clear the goods for export. This term can only be used for sea or inland waterway transport. This is probably the most commonly misused term in international trade. Its correct use now is only where the ship's rail is relevant to the transaction, such as when using a chartered ship, or when goods are not containerised. Obviously it cannot apply to airfreight.

FOB (Free On Board):One of the most commonly used-and misused-terms, FOB means that the shipper/seller uses his freight forwarder to move the merchandise to the port or designated point of origin. Though frequently used to describe inland movement of cargo, FOB specifically refers to ocean or inland waterway transportation of goods. "Delivery" is accomplished when the shipper/seller releases the goods to the buyer's forwarder. The buyer's responsibility for insurance and transportation begins at the same moment.

FOB Airport -A 1976 Incoterm –now obsolete – was replaced by the term FCA

FOB- An INCOTERM meaning Free On Board. Goods delivered on board the vessel, free; ie, with all charges paid to that point. Under an FOB contract, the ownership of the good passes from seller to buyer as the goods pass over the ships rail.

FOB Destination: Title passes at destination, and seller has total responsibility until shipment is delivered.

FOB Origin: Title passes at origin, and buyer has total responsibility over the goods while in shipment.

FOB Free on board. Usually referred to the loading/terminal costs.

FOB: See Free on Board

FOB: Freight On Board. The point at which the transfer of ownership of goods takes place

FOB’s- This term is used widely in the internatonal freight industry to describe the variety of costs and charges that arise in moving cargo from the Ex-Works point up to the ‘Free-On-Board the vessel or aircraft point’. FOB’s therefore will include such costs as cartage from Factory door to export depot or vessel/aircraft; export clearance and hasndling costs, export document fees and other costs incurred to load the goods on board the vessel or aircraft.

FOC: Foreign Operating Charge is a bill of lading charge that is applied by the country of destination and is applied to the cost of goods

FOD Abs. -Free of damage absolutely

FOR- Free on Rail (An obsolete Incoterm)

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.

Foreign Trade Zone (FTZ) - A facility which - under license issued by the Foreign Trade Zone (FTZ) board - has acquired extra-territorial status. Merchandise entered into a FTZ are considered as having been "exported" and can be subjected to manipulation or manufacturing processes without Customs supervision, but will be subject to other applicable federal or state laws and terms of the storage contract.

Forklift truck: A machine-powered device that is used to raise and lower freight and to move freight to different warehouse locations. Fourth-Party Logistics (4PL): Differs from third party logistics in the following ways; 1)4PL organization is often a separate entity established as a joint venture or long-term contract between a primary client and one or more partners; 2)4PL organization acts as a single interface between the client and multiple logistics service providers; 3) All aspects (ideally) of the client’s supply chain are managed by the 4PL organization; and, 4) It is possible for a major third-party logistics provider to form a 4PL organization within its existing structure. The term was registered by Accenture as a trademark in 1996 and defined as "A supply chain integrator that assembles and manages the resources, capabilities, and technology of its own organization with those of complementary service providers to deliver a comprehensive supply chain solution.", but is no longer registered.

The above details describes about terms called in freight forwarding such as store,flat bed,flat rack,flow,free on board ,foreign trade zone,forklift truck etc.These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in freight forwarding trade below this post.

Terms used in freight forwarding such as free carrier,full container load,feeder vessel,final destinatio, freight forwarder, firms code

The above information is a part of Guide on howtoexport and import 


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