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Facilitation payment

A payment or consideration given to a government official or employee in order to get them to do what they should have done anyway. Unlike a bribe, the facilitation payment seeks no special consideration and is usually legal. See bribery.

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Factoring

In the context of international trade, the financial service consisting of the granting of cash in advance against accounts receivable from foreign customers. More generally, a range of financing and risk management services offered by specialized companies, called factors, to…

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FAK Freight of all kinds

Freight rate applicable to all types of goods and therefore is not restricted to a particular commodity. FAK freight rates are quoted primarily by undercarriers to consolidators (NVOCCs and air freight consolidators) who fill shipping containers with different kinds of…

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FAS Free Alongside

In Incoterms FAS the seller delivers the goods placing them alongside the ship named by the buyer at the agreed port of shipment. The export clearance is done by the seller. This Incoterm is only used for certain commodities and…

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Fast track

In United States, fast track procedures for approval of trade agreement were included by the U.S. Congress in trade legislations in 1974, in 1979, and again in the 19888 Trade Act. Fast track provides two guarantees essential to the successful…

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