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F.A.S.Vessel: A Comprehensive Guide to Free Alongside Steamer Terms
Definition & Meaning
The term F.A.S. Vessel stands for Free Alongside Steamer. Under this shipping term, the seller is responsible for the goods until they are delivered alongside the vessel at the port of departure. The price quoted by the seller includes all costs incurred up to this point, such as transportation and overhead charges. Once the goods are delivered alongside the vessel, the buyer takes on the responsibility for loading the goods onto the ship and any subsequent charges that may arise.
Table of content
Legal Use & context
F.A.S. Vessel is primarily used in international trade and shipping contracts. It is a key term in the context of sales agreements, particularly in the transportation of goods by sea. This term is relevant in areas such as commercial law and contract law. Users can manage related processes through legal forms, such as sales contracts or shipping agreements, available from resources like US Legal Forms, which provide templates crafted by legal professionals.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A company in the United States sells machinery to a buyer in Europe. The seller arranges for the machinery to be delivered to the port and covers all costs until it is placed alongside the ship. The buyer is then responsible for loading the machinery and paying for shipping costs.
Example 2: A furniture manufacturer sells products to a retailer. The manufacturer delivers the furniture to the dock, ensuring all charges are paid until it is alongside the shipping vessel. The retailer must then load the furniture and handle any further expenses (hypothetical example).
Comparison with related terms
Term
Definition
Key Differences
F.O.B. (Free on Board)
The seller is responsible for the goods until they are loaded onto the vessel.
F.O.B. transfers responsibility to the buyer once the goods are on board, while F.A.S. does so once they are alongside.
C.I.F. (Cost, Insurance, and Freight)
The seller covers the costs, insurance, and freight to deliver goods to the port of destination.
C.I.F. includes additional costs for insurance and freight, while F.A.S. does not.
Common misunderstandings
What to do if this term applies to you
If you are involved in a transaction that uses the F.A.S. Vessel term, ensure you understand your responsibilities regarding costs and loading. If you are the seller, confirm that all charges are accounted for up to delivery. If you are the buyer, prepare to handle loading and any further costs. For assistance, consider exploring US Legal Forms for templates that can help you draft necessary agreements, or consult a legal professional for complex situations.
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