What does Free Alongside Ship- FAS mean?
A term used in trade of goods transported by sea or inland waterway. Under FAS, the seller is required to delivers commodity, cleared for export, alongside the vessel at a named port in the contract. Loading the commodity on the ship and all further costs is the responsibility of the buyer.
Futures Knowledge Explains Free Alongside Ship- FAS
Free Alongside Ship may be one of the terms and conditions of a supply agreement. The seller’ obligation to deliver is fulfilled when the goods have been placed alongside the vessel at the specified port of shipment. It is now the buyer’s responsibility to get the goods cleared for export. The buyer has to bear all subsequent costs and risks of loss of or damage.