Glossary

See Free On Board. See also Terms of Sale, FOB.

Abbreviation for “Free on Rail.”

The title of a common clause in contracts, exempting the parties for non–fulfillment of their obligations as a result of conditions beyond their control, such as earthquakes, floods or war.

The direction on a vessel parallel to the center line.

Under U.S. tax law, a corporation created to obtain tax exemption on part of the earnings of U.S. products in foreign markets. Must be set–up as a foreign corporation with an office outside…

A free port in a country divorced from Customs authority but under government control. Merchandise, except that which is prohibited, may be stored in the zone without being subject to import duty regulations.

A machine used to pick up and move goods loaded on pallets or skids.

See Brokerage.

A receipt for goods issued by a carrier with an indication that the goods were damaged when received. Compare Clean Bill of Lading.

A pallet designed so that the forks of a fork lift truck can be inserted from all four sides. See Fork lift.