RISK Definition

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RISK is the measurable possibility of losing or not gaining value. Risk is different from uncertainty. Uncertainty is not measurable.

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F.A.S. (FREE ALONG SIDE), e.g. 'F.A.S. New York', means that, for instance, if goods are shipped from the State of Nevada in the U.S. to Madrid, Spain, no charges for shipment are made to the importer until the goods are "free alongside the vessel" in New York. After this point, charges may be applied to the importer.

CERTIFICATE OF OBLIGATION is a bond issued by a city, without voter approval.

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