Federation of Oils, Seeds and Fats Associations
Encyclopedia
The Federation of Oils, Seeds and Fats Associations (FOSFA International) is the main trade association
for the oil, seeds and fats industry. It regulates legal contracts in the industry.
It used to be based at 24 St Mary Axe
at the Baltic Exchange
, now the home of the Gherkin
.
and Bank-Monument station. It is not far from the River Thames
, between the Tower of London and London Bridge.
).
It holds week-long residential training courses during the summer at Brunel University
.
Trade association
A trade association, also known as an industry trade group, business association or sector association, is an organization founded and funded by businesses that operate in a specific industry...
for the oil, seeds and fats industry. It regulates legal contracts in the industry.
History
FOSFA was formed from four other previous organisations in 1968.It used to be based at 24 St Mary Axe
St Mary Axe, London
St Mary Axe, sometimes referred to as St Mary Pellipar, was a mediaeval church in the City of London whose full name was St Mary, St Ursula and her 11,000 virgins situated just north of Leadenhall Street. First mentioned as St Mary apud Ax, it belonged for a time to the nearby Priory of St Helen’s...
at the Baltic Exchange
Baltic Exchange
The Baltic Exchange is the world's only independent source of maritime market information for the trading and settlement of physical and derivative contracts...
, now the home of the Gherkin
30 St Mary Axe
30 St Mary Axe, the Swiss Re Building , is a skyscraper in London's main financial district, the City of London, completed in December 2003 and opened at the end of May 2004...
.
Structure
It is situated just off Lower Thames Street (A3211), between Tower Hill tube stationTower Hill tube station
Tower Hill is a London Underground station at Tower Hill in the London Borough of Tower Hamlets.The station is in Travelcard Zone 1 and near the Tower of London...
and Bank-Monument station. It is not far from the River Thames
River Thames
The River Thames flows through southern England. It is the longest river entirely in England and the second longest in the United Kingdom. While it is best known because its lower reaches flow through central London, the river flows alongside several other towns and cities, including Oxford,...
, between the Tower of London and London Bridge.
Function
85% of worldwide trade in oils and fats is under FOSFA contracts. It regulates trade in the industry. The clauses in contracts are known as the FOSFA Rules. Its rules cover products transported with Cost, Insurance and Freight (CIF) or Freight on Board (FOBFOB (shipping)
FOB is an initialism which pertains to the shipping of goods. Depending on specific usage, it may stand for Free On Board or Freight On Board. FOB specifies which party pays for which shipment and loading costs, and/or where responsibility for the goods is transferred...
).
It holds week-long residential training courses during the summer at Brunel University
Brunel University
Brunel University is a public research university located in Uxbridge, London, United Kingdom. The university is named after the Victorian engineer Isambard Kingdom Brunel....
.
See also
- British Association of Cold Pressed Oil Producers
- National Edible Oil Distributors Association - linked to the Food and Drink FederationFood and Drink FederationThe Food and Drink Federation is a membership organisation that represents and advises UK food and drink manufacturers.-Membership:Its members are companies of all sizes as well as trade associations and groups dealing with specific sectors of the industry.The food and drink manufacturing industry...
- EU Oil and Proteinmeal Industry - FEDIOL
- European Federation for the Science and Technology of Lipids