Free alongside ship (FAS)
Free alongside ship (FAS) is an international trade term used in the sale of goods, indicating that the seller is responsible for delivering the goods alongside a named vessel at a specified port. Once the goods are delivered alongside the vessel, the buyer assumes responsibility for the goods and any further costs or risks associated with the shipment.
For example, if a buyer agrees to purchase goods on a FAS basis, the seller would be responsible for delivering the goods to the specified port and placing them alongside the vessel for loading. Once the goods are placed alongside the vessel, the buyer would be responsible for the costs and risks associated with loading the goods onto the vessel and transporting them to their final destination.
It is important for buyers and sellers to clearly understand the terms of a FAS agreement to avoid any misunderstandings or disputes during the shipment of goods.
- Key points of FAS:
- The seller is responsible for delivering the goods alongside the vessel at a specified port.
- The buyer assumes responsibility for the goods and any further costs or risks associated with the shipment once the goods are delivered.
- Clear communication and understanding of the terms of the FAS agreement are crucial for a successful transaction.
For more information on Free alongside ship (FAS) terms, you can visit Wikipedia.