Obligations of the Buyer under FAS
Sellers obligations
The seller must be responsible for handling the export procedures, including obtaining an export license, customs declaration, etc.
The seller shall be responsible for paying the costs of transporting the goods to the designated dock and unloading them.
Once the seller has fulfilled the above obligations, the delivery is considered complete. When the goods reach the ships side, all risks and additional costs are transferred to the buyer. Therefore, the FAS term is mainly applicable to bulk goods in... and inland waterway transportation.
Payment:Maritime TransportationThe buyer needs to pay the purchase price in a timely manner in accordance with the terms agreed upon by both parties.
FAS is a delivery term in trade terms, which is the abbreviation of Free Alongside Ship. It is generally translated into Chinese as Free Alongside Ship. FAS stipulates the obligations and responsibilities of the seller. This trade term is very useful when the seller (exporter) does not want or cannot assume the responsibility of loading the goods.
Buyers obligations
Taking Delivery:When the seller transports the goods to the agreed port and places them alongside the ship, the buyer needs to arrange to load the goods onto their own ship. That is, the buyer is responsible for the subsequent transportation starting from the ships side.
Import Procedures:Once the goods are loaded onto the buyers ship, the buyer is responsible for handling all import procedures, including paying customs duties, other taxes and import handling fees.
Bearing Risks:Starting from the time the seller completes the delivery (i.e., the goods are transported to the ships side), all risks related to the goods (including possible losses or damages to the goods) are borne by the buyer.
Other Costs:In addition, starting from the time the seller completes the delivery, all additional costs (such as loading fees, insurance premiums, etc.) need to be borne by the buyer.
5. Other Expenses:In addition, starting from the time when the seller completes the delivery, all additional expenses (such as shipping fees, insurance premiums, etc.) shall be borne by the buyer.
Therefore, although under the FAS terms, the seller is responsible for transporting the goods to the ships side and handling the export procedures, from that moment on, almost all responsibilities and risks are transferred to the buyer.
This article link:Obligations of the Buyer and Seller under FAS in Trade | FAS trade terms | FAS trade export customs declaration | FAS trade freight
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Tags: Foreign trade import and export Foreign Trade Documents Trade terms
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