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.


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.

First refusal. In negotiating for the fixture of a vessel a shipowner's shipbroker may attempt to obtain a FIRM OFFER from the charterer or the charterer's agents within a stated time limit.

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.

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