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.

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.

 

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.

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.

Fighting ship. When liner conferences are faced with severe competition from outsiders, the members of the conference may agree to use additional vessels or sailings at very low freight rates.

Fixing letter. As soon as the negotiations about the chartering of a vessel have resulted in the "fixture" of a ship, a "fixing letter" may be drawn up containing a summary of the main terms and conditions of the charterparty.

Flat rate. A vessel may be chartered for shipment of various kinds of cargo, the specific nature of which is not known at the time of the fixture, or it may have to load for several ports within a certain range, out of which one port will be selected as the final port of discharge. In such cases the agreed freight rate is a "flat rate". An example of reported fixture on a "flat rate" could read:

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.

Fines. Imposed on the owner for breach by his servants of regulations such as immigration, customs, smuggling by crew members, pollution. Fines for overloading are specifically excluded.

 

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.

 

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.

 

Forum clause. This phrase can be applied to a clause in the charterparty which provides for the place where and the legal system under which any disputes will be decided.

 

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