In Incoterms, FAS trade term means Free Alongside Ship
When is Delivery Completed?
Seller delivers when goods are placed alongside the vessel (eg. on a quay or a barge) nominated by the buyer at the loading place named by the buyer at the named port of shipment.
What is the Seller’s Obligation?
Seller is required to clear goods for export, where applicable.
When does Buyer Risk and Obligation start?
Buyer has to bear all costs and risks of loss of or damage to goods from that moment after the goods are placed alongside the vessel at the loading place at the named port of shipment.
Neither party is responsible for insurance. However, in LC transaction, buyer’s bank will request buyer to arrange for insurance.