Free Alongside Ship

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Also found in: Dictionary, Financial.
The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

Free Alongside Ship

 

(f.a.s.), a commercial expression used to describe certain sales of goods that are shipped by sea. When goods are sold on an f.a.s. basis, the seller is responsible for transporting the goods to a loading point designated by the buyer; the price of the goods includes these transport charges. The buyer pays for loading the goods on board ship. As a rule, the seller bears responsibility for damage and spoilage until the goods are placed alongside the ship, after which responsibility passes to the buyer.

The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.