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Terms used in freight forwarding such as Liability,Lift Truck,Liftgate,Liftvan,Liner In Free Out,Liner terms,Lloyds' Registry etc.
This post explains about terms used in freight forwarding such as Letter of Indemnity, Liability,Lift Truck,Liftgate,Liftvan,Liner In Free Out,Liner terms,Lloyds' Registry,loan receipt,Logistics Channel,Link etc.
These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.
Terms used in freight forwarding
Letter of Indemnity - A Guarantee document, usually countersigned by a bank, which indemnifies the shipowner against any risk or claim which may arise. Such documentary undertakings are given to the ship owner to allow a consignee to take delivery of cargo in instances where Bills of Lading have been lost or delayed.
Letter of Indemnity:Written statement in which one party undertakes to compensate another for the costs and consequences of carrying out a certain act. The issue of a letter of indemnity is sometimes used for cases when a shipper likes receiving a clean Bill of Lading while a carrier is not allowed to do so.
LIABILITY :The dollar amount that a carrier is legally liable for should partial or complete loss of a shipment be evidenced as occurring whilst in their care, custody or control. TBAC usually has a limit of liability of $0.50/lb (unless otherwise provided for).
LIEN - A Lien is a legal method of attaching a charge due to a shipment. The owner of the goods cannot receive his freight until a lien is paid.
Lift On/Lift Off (LO/LO)- Charge by the carrier for lifting of an FCL from the truck upon receipt at a depot or container yard . Term is also used when import FCL’s are lifted at the ocean carriers facility onto the importers or forwarders truck.
Lift Truck: Vehicles used to lift, move, stack, rack, or otherwise manipulate loads. Material handling people use a lot of terms to describe lift trucks, some terms describe specific types of vehicles, others are slang terms or trade names that people often mistakenly use to describe trucks. Terms include industrial truck, forklift, reach truck, motorized pallet trucks, turret trucks, counterbalanced forklift, walkie, rider, walkie rider, walkie stacker, straddle lift, side loader, order pickers, high lift, cherry picker, Jeep, Tow motor, Yale, Crown, Hyster, Raymond, Clark, Drexel.
Liftgate service:Liftgate service applies to the pick-up or delivery of a shipment when the location does not have a loading dock and/or forklift and, because of the shipment's weight (>100 lbs) or size (>72" in height), the driver must use use a mechanically operated platform that extends from the rear of the truck (or lorry for our European guests) to raise or lower the shipment to/from the cargo bed.It is critical to point out that liftgates have maximum capacities for the weight and dimensions of the items they can handle that vary by the model of liftgate in service—make sure you check with your forwarder for details. Also, many truckers include a pallet jack with their liftgate service; if you need a pallet jack for your shipment, it is a good idea to inquire with the forwarder so that you avoid any complications.Whereas in North America you can expect to pay an accessorial fee for liftgate service, many Hawaii forwarders and trucking companies offer complimentary liftgate service to their customers—make sure you check with your forwarder for details.
LIFTGATE: Equipment attached to delivery/pick-up vehicles to lift or lower goods when no dock is available for transfer of freight
Lift-On/Lift-Off (LO-LO) :A container ship onto which containers are lifted by crane.
Liftvan- A specialised, large packing case used for personal effects.
LILO :Liner in, liner out or full liner terms. Qualification to a freight rate which signifies that it consists of the ocean carriage and the cost of cargo handling at the loading and discharging ports according to the customs.
Limits of Liability:The extent to which carrier is liable for loss or damage to a particular shipment.
LINE HAUL :The movement of goods from a carrier’s terminal in one city to his terminal in another
Line: 1) An area within a production or assembly facility where manufacturing occurs in a linear fashion, passing products through one level of completion on to the next process. 2) A unique item order line on a customer or purchase order.
LINE: Abbreviation for shipping line.
Line-haul Shipment: A shipment that moves between cities and distances over 100 to 150 miles.
LINER (SHIP) :Cargo carrying ship which is operated between scheduled, advertised ports of loading and discharge on a regular basis.
Liner A ship on a regular schedule, loading and discharging at specified ports of call.
Liner Conference:A group of two or more vessel-operating carriers, which provides international liner services for the carriage of cargo on a particular trade route and which has an agreement or arrangement to operate under uniform or common freight rates and any other agreed conditions (e.g. FEFC = Far Eastern Freight Conference).
Liner In Free Out: LIFO Transport condition denoting that the freight rate is inclusive of the sea carriage and the cost of loading, the latter as per the custom of the port. It excludes the cost of discharging.
Liner Shipping:liners are vessels sailing between specified ports on a regular schedule; schedule is published and available to the public. Most large container shipping companies operate liner services.
LINER TERMS: Qualification to a freight rate which signifies that it consists of the ocean carriage and the cost of cargo handling at the loading and discharging ports according to the custom of those ports.
Liner Terms:Condition of carriage denoting that costs for loading and unloading are borne by the carrier subject the custom of the port concerned.
Liner terms:Freight rates which include loading/unloading charges, generally with a regular shipping lines.
Link: The transportation method used to connect the nodes (plants, warehouses) in a logistics system.
LIQUIDATION - The final determination of duties on an importation. The liquidation date is the date Customs officially closes a shipment file.
Lloyd's Register of Shipping:British classification society.
Lloyds' Registry - An organization maintained for the surveying and classing of ships so that insurance underwriters and others may know the quality and condition of the vessels offered for insurance or employment.
LO/LO: Lift on/lift off
LOAD BROKER :See also Freight Broker.
LOADING DOCK:A warehouse or factory facility where trucks are loaded or unloaded.
Loading Port: The port where the cargo is loaded onto the exporting vessel. This port must be reported on the Shipper's Export Declaration, Schedule D and is used by U.S. companies to determine which tariff is used to freight rate the cargo for carriers with more than one tariff.
LOAN RECEIPT:Document signed by the Assured where he acknowledges receipt of money advanced by the insurance company as an interest-free loan (instead of payment of a loss) repayable to the insurance company only if the loss is recovered from a third party and then only to the extent of the recovery.
LOC: See Line of Credit
Local Rate: A rate published between two points served by one carrier.
Local Service Carriers: An air carrier classification of carriers that operate between areas of lesser and major population centers. These carriers feed passengers into the major cities to major hubs.
LOCATION NO.: All CFS/Bonded Warehouses have a location or facility code that uniquely identifies them to US Customs
Logistics Channel: The network of supply chain participants engaged in storage, handling, transfer, transportation, and communications functions that contribute to the efficient flow of goods.
The above details describes about terms called in freight forwarding such as Letter of Indemnity, Liability,Lift Truck,Liftgate,Liftvan,Liner In Free Out,Liner terms,Lloyds' Registry,loan receipt,Logistics Channel,Link etc.These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in freight forwarding trade below this post.
Terms used in freight forwarding such as Lagan,Lading,KYOTO CONVENTION,Lash Down,Less than container load,Less than Truck Load, ,Letter of Credit
The above information is a part of Export Import Online Tutorial
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