Flag of Registry. The flag which is displayed usually on the stern of the vessel is like an indicator or "badge" of the vessel's national identity or nationality.

FAC (Fast as can). This term in a charterparty can apply to the vessel's being loaded or discharged as quickly as is practical, possibly in relation to the custom of the part (COP) or "with customary quick despatch".

False date on the bill of lading. The contract of sale between the buyer and seller may impose a condition whereby the goods must be shipped and “onboard, shipped bills of lading” obtained by a certain date.

Free from incumbrances. Sale contracts of ships usually contain the proviso “free from incumbrances” which implies that the vessel is free from any mortgage or other debt.

 

Frustration. Frustration of a contract occurs when, through circumstances entirely beyond the parties' control, the commercial object of the contract is entirely frustrated.

Final sailing. A ship has finally departed from the loading port as soon as it has passed the limits of the port being construed in the commercial sense, being ready in every respect to proceed on the contemplated voyage with no intention of returning.

Full terms. If an order circulating in the freight market is subject to "full terms" this implies that in addition to the usual commissions, owners may have to allow certain reductions, which are customary in the trade in question. It is therefore important to ascertain in advance what percentage will have to be deducted from the rate of freight in order to have a clear picture of the position.

This expression also implies that despatch money will be due for any time saved in loading and discharging.

 

Fully declared. This is a floating policy in which the total of the amounts reaches the agreed limit. The floating policy comes to an end when it is fully declared.

 

Free alongside (FAS). If a charterparty provides for delivery of cargo "free alongside", it is up to the shippers to arrange for delivery of the goods within reach of ship's tackle (cargo handling equipment) unless the custom of the port provides otherwise. In some ports the meaning of this expression may be different. Shippers have fulfilled their obligation if they have arranged for delivery of the goods on pan of the wharf although beyond reach of ship's tackle.

Full knowledge of the local practice is therefore essential.

 

Fixture. To "fix" a ship is to determine or settle a contract (the Charterparty) for its employment. "Fixture" is the word that indicates the contract has been made and the negotiations to charter the ship have been concluded.

 

Fumigation. When the vessel has rats or other vermin on board, and also infestation from cargo, these undesirable elements must be eliminated. This is done by fumigation. Some fumigation agents may be toxic for humans.

Force majeure clause. This expression covers events which are completely unforeseeable and which excuse both sides to a contract from carrying out their obligations under the contract.

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