|A B C D E F G H I J K L M N O P Q R S T U V W X Y Z|
ACT OF GOD
ALL OTHER PERILS & MISFORTUNES
AVERAGE IRRESPECTIVE OF PERCENTAGE
BILL OF LADING
CARGO WAR RISK POLICY
CERTIFICATE OF INSURANCE OR SPECIAL POLICY
CONSTRUCTIVE TOTAL LOSS (CTL)
FREE OF PARTICULAR AVERAGE, AMERICAN CONDITIONS (FPAAC)
FREE OF PARTICULAR AVERAGE, ENGLISH CONDITIONS (FPAEC)
LOSS OF MARKET
MARINE EXTENSION CLAUSE
PERILS OF THE SEA
S.R. & C.C.
TERMS OF SALE
FREE ON BOARD (FOB) – The seller assumes charges and risk for the goods until they are loaded on board a named carrier at a named point, which may be an inland point or a port. The buyer is responsible for any loss or damages after loading on board the carrier. The buyer should specify FOB to control insurance without relying on the seller.
FREE ALONGSIDE (FAS) – The seller assumes charges and risk until the goods are delivered alongside the vessel. Loss or damage from alongside the vessel is the responsibility of the buyer.
COST AND FREIGHT (C & F) – The seller assumes responsibility for the charges and for loss or damage until the goods enter the carrier’s custody or are loaded on board the vessel. The buyer is responsible for loss or damage at this point.
COST INSURANCE AND FREIGHT (CIF) – The seller’s price includes cost of the goods, marine insurance and all transportation charges to the named destination point.
COLLECTION BY DRAFT – The seller bears the risk until he is paid. If for some reason, the buyer does not accept the shipment, the seller has to dispose of the goods. By arranging the insurance, the seller can minimize the risk of loss.
OPEN ACCOUNT – When sales are made on account, the seller has financial risk similar to collecting by draft. Here again, the seller should attempt to arrange the insurance.
LETTER OF CREDIT – In this procedure, the buyer establishes credit in U.S. money through his or her bank in favor of the seller. If the seller collects by this means, the letter of credit often stipulates that he/she arrange the insurance.
WAREHOUSE TO WAREHOUSE