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Fair Market Value
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(1) The price that would be agreed to in an open
and unrestricted market between knowledgeable and willing parties dealing
at arm's length who are fully informed and not under any compulsion to
transact. (2) The word fair implies a concept of a market which is not
disturbed by unpredictable economic factors, e.g. boom or depression. (23/06/94)
(juste valeur marchande)
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FAS (Free Alongside Ship)
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A term used in international trade. Under this
term, a seller quotes a price including delivery of the goods alongside
a vessel and within reach of its loading tackle. The term FAS must be qualified
by a named port (e.g. FAS New York). The seller is liable for all charges
and risks until the goods sold are delivered alongside a vessel at such
port or are delivered to the port on a dock which will be used by the vessel.
Title usually passes to the buyer when the seller has secured a clean dock
or ship's receipt for the goods. The actual intent of the term may vary
according to custom or specific agreement. The International Chamber of
Commerce has defined the rights and responsibilities of the parties to
an FAS contract in the publication "Incoterms 1990". (23/06/94)
(FLN - franco le long du navire)
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Federal Supply Classification (FSC)
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PWGSC uses the U.S. FSC System as the basis for
assigning commodity procurement responsibilities and the Goods and Services
Identification Number (GSIN) System permits the definitive assignment of
responsibilities for item groupings within FSC. (23/06/94) (classification
fédérale des approvisionnements [FSC])
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FOB
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See Free on Board. (23/06/94) (FOB)
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Foreign Contract
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Canadian Commercial Corporation. The contract
between CCC and the foreign government, their agencies or international
organizations. (23/06/94) (contrat avec le client étranger)
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Foreign Currency Component (FCC)
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The element of the price which will be directly
affected by exchange rate fluctuations. It could include the net price
FOB foreign manufacturer's plant, costs associated with applicable duty,
excise and goods and services tax/harmonized sales tax, entry fees, transportation
costs or delivery charges payable in a oreign currency and any other charges
associated with being the importer of record if they originated from and
are required to be paid in a foreign currency. It does not, however, include
profit, customs brokerage fees, material handling, outgoing transportation
charges or costs associated with a Canadian-based company's factory overhead,
general and administrative expenses. (16/02/98) (montant en monnaie étrangère)
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Foreign Military Sales (FMS):
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FMS is a Security Assistance Program which is
administered by the United States Department of Defense and which allows
eligible foreign governments and international agencies to purchase defense-related
articles and services from the United States Government. See 9B (FMS).
(23/06/94) (ventes de matériel militaire à l'étranger
[FMS])
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Foreign Content
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(1) Non-Canadian content. (2) That portion of
the contract price which is not Canadian content. (23/06/94) (teneur en
éléments étrangers)
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FOB (Free on Board)
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A mercantile term used extensively in both domestic
and international trade. The term, FOB ordinarily determines the place
where the seller effects delivery of the goods, where title and risk of
loss will pass and whether the seller or the buyer is required to pay freight
charges (e.g. FOB New York). The contractual rights and obligations of
the parties where this and similar mercantile terms are used in international
commerce are defined by the International Chamber of Commerce and published
under the title of "Incoterms 1990". Specific application of
the term FOB either with reference to passage of title, risk or burden
of freight charges may vary according to applicable law, custom, usage
or agreement of the parties concerned. (23/06/94) (FOB - franco à
bord)
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