Tariffs and Customs Terms F.1.62 Flashcards
Terms and meaning from Dictionary of Tariff and Customs Terms with organization and functions of the various Offices of the Bureau of Customs.
in this trade arrangement, the seller fulfills his obligation to deliver the goods over the ship’s rail at the port of shipment. From that moment on, the buyer bears all costs, plus the risk of cargo damage or loss.
free on board
a cost that includes FOB price less manufacturer’s profit.
free on board cost
alongside indorsement A situation wherein if the merchant sells on free on board, Free Alongside Ship, cost and freight, or similar trade terms, it is the buyers responsibility to pay the insurance premium.
free on board/free alongside
a price that includes the cost for manufacturing, packing, marking, labeling, stuffing, or containerization, forwarding, arrastre, wharfage, Customs clearing, facilitation, plus bank charges and interests, insurance, communication expenses, and miscellaneous costs. The manufacturer’s profit is also included.
free on board price
a trade arrangement wherein the seller owns the goods until they are loaded on the truck, at his factory. The selling price includes all costs incurred up to loading on truck.
free on board truck
a trade arrangement wherein the seller owns the goods until they-are loaded in the vessel, at the port. The selling price includes all costs so far incurred, plus cost of loading on the vessel.
free on board vessel
A trade arrangement wherein the seller owns the goods until their delivery to the buyer’s warehouse at final destination. The selling price consists of all costs, including those for transportation, up to the buyer’s warehouse.
free on board warehouse
in this trade arrangement, the seller fulfills his obligation to deliver the goods to the railway car or wagon. From that point on, the buyer bears all costs, plus the risk of cargo damage or loss.
free on rail/free on truck
a pricing term which states that the quoted price of goods includes the cost of unloading from the vessel,
free out
a clause in a charter contract that means the expenses for cargo discharge are paid by the consignee; while that of loading, by the ship-owner.
free out
a separate area within a seaport or airport, where imported goods maybe unloaded, stored, processed, assembled manufactured without payment of duties and taxes, except if released for domestic consumption.
free port
this means that the vessel already has a clean bill of health and all quarantine regulations have been complied with; and as such, passengers and cargo may be unloaded.
free pratique
a condition in a charter contract wherein the loading of coal (full cargo) can start immediately upon arrival of the vessel.
free stem
unrestricted trade of goods between or among countries, without imposition of customs duties and taxes
free trade
means the period allowed for any article, baggage and/or container to be stored in any port premises, cargo sheds and warehouses of the Authority without the payment of storage fee.
free storage period
