Purchasing/Stores Glossary of Terms

Glossary Terms Beginning with "F"

F.O.B. Point
(Free on Board) location where title of goods passes from seller to buyer. The seller is liable for transportation charges and the risks of loss or damage to the goods up to the point where title passes to the buyer. The buyer is liable for such charges and risks after passing of title.

FAR
Federal Acquisition Regulation.

FAS
Financial Accounting System, also known as FIN (Financal System).

FAX
Electronic message system that transmits over telephone lines.

FFP
Firm Fixed Price. See University of Washington Policies & Procedures, Purchasing Department, Procedure 7.3.1.

FIC
Field Installation Charge.

FPR
Federal Procurement Regulations.

FTE
Full Time Equivalent (employee).

Faculty Handbook
6 volumes in one binder which cover the composition, duties, authority of the Board of Regents, delegation of authority for administration and faculty, faculty code, material of special interest to students, general information and selected rules and policies of the University, descriptions of coordinating bodies within the State and of the principal administrative committees and ancillary agencies of the University. A copy is available in the Purchasing Department Reference Station.

Fair Market Value
A price that would induce a willing purchaser to purchase or a willing seller to sell in an open market transaction; the price a property would bring at a fair sale between parties dealing on equal terms.

Fiscal Year
A period of 12 consecutive months selected as a basis for annual financial reporting, planning, or budgeting.

Fixed Price Contract
A contract which provides for a firm price under which the contractor bears the full responsibility for profit or loss.

Flowdown
Term used by buying staff to indicate need for attachment to an order of special Federal government terms and conditions. See Special Terms and Conditions.

Follow-up
See Status.

Formal Advertising
The placement of a notice in a newspaper or publication according to legal requirements to inform the public that the University is requesting bids on specific purchases that it intends to make.

Formal Bid or Offer
A bid which must be forwarded in a sealed envelope and in conformance with a prescribed format to be opened at a specific time.

Freight
A fee that a vendor charges to send an item or goods to a destination.