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Terms used in freight forwarding such as Master Air Waybill,Master Bill Of Lading,Material Circumstance,Medical First Aid Guide,Metric ton,Minimum Bill of Lading etc.
This post explains about terms used in freight forwarding such as Manufacturer ID, Marine Insurance Policy, Master Air Waybill,Master Bill Of Lading,Material Circumstance,Medical First Aid Guide,Metric ton,Minimum Bill of Lading,Mode transfer,Merchant Haulage 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
MANUFACTURER ID (MID) - A term used by Customs for a unique alpha numeric code that identifies manufacturers and shippers of goods in to the U.S..
Manufacturer's Certificate:A Certificate of Manufacture is used when a buyer intends to pay for goods prior to shipment, but the lead time for the manufacturing process is lengthy and the buyer does not which to tie up funds too far in advance. Usually, the goods are manufactured after a small down payment. when the goods have been manufactured, the seller prepares a Manufacturer's Certificate stating that the goods ordered have been produced in accordance with the contract with the buyer. Upon receiving the certificate, the buyer forwards both payment and shipping instructions, and the shipment is made by the seller.
Marine Cargo Insurance:Average - A term in marine cargo insurance signifying loss or damage to merchandise. General average - A loss arising out of a voluntary sacrifice made of any part of a shipment or cargo to prevent loss of the whole and for the benefit of all persons concerned. FPA - Free of particular average - a provision in a marine cargo insurance policy that no claim shall be paid for damage to goods in the course of a voyage unless a loss is sustained that totals or exceeds a certain percentage of the value as specified in the policy. The object of such a provision is the avoidance of petty claims. Open Policy - A contract between an insurance company and the exporter by which all shipments made by the assured are automatically protected from the time the merchandise leaves the initial shipping. Particular average - A partial loss or damage of merchandise caused by a peril insured against, but which is not a general-average loss.
Marine Insurance Policy:An insurance policy protecting the insured against loss or damage to his goods occurred during ocean transport.
Marine Insurance:Broadly, insurance covering loss or damage of goods at sea. Marine insurance typically compensates the owner of merchandise for losses sustained from fire, shipwreck, piracy and various other causes but excludes losses that can be legally recovered.
MARKETING CHANNEL:Intermediaries - wholesalers, retailers, brokers, etc. -- that a manufacturer uses to get its products to customers.
MARKS - Letters, numbers and/or characters placed on a package for purposes of identification.
Marks and Numbers:Marks and Numbers placed on packages for export for identification purposes; generally a triangle, square, circle, diamond, or cross with letters and/or numbers and port discharge. They are of important use before containerization.
MASTER AIR WAYBILL - see AIR WAYBILL.
Master Air Waybill (MAWB) - this air bill is issued by the carrier and typically will show the exporting forwarder as the shipper and the forwarder's import counterpart as the consignee. This is the shipping agreement between the forwarder and the air carrier. A master bill may have more than one house bill consolidated under it. A MAWB can also be consigned from a shipper to a consignee on an airline bill. Companies can arrange transportation directly with carriers and are not required to use a forwarder.
Master B/L:The term used for the B/L issued by a shipping company to a freight forwarder for all of the goods covered by one or more House B/Ls on the one ship going from one loading port to one destination port.
MASTER BILL OF LADING - see BILL OF LADING.
Master Bill of lading (MB/L) :See "Ocean Bill of lading".
Master Bill Of Lading (MBL) - this bill of lading is issued by the ocean carrier and typically will show the exporting forwarder as the shipper and the forwarder's import counterpart as the consignee. This is the shipping agreement between the forwarder and the ocean carrier. A master bill may have more than one house bill consolidated under it. A MBL can also be consigned direct from a shipper to a consignee on a bill of lading. Companies can arrange transportation directly with carriers and are not required to use a forwarder.
Material Circumstance -Any circumstance or fact that a prudent underwriter would be affected by in determining risk acceptance and premium level.
Material Safety Data Sheet (MSDS) – Document that explains how to handle the hazardous material. (Also see Dangerous Goods Note)
MATERIALS HANDLING:The efficient movement of products into and out of warehouses and transportation vehicles. Also applies to large movements of bulk materials.
Mate's Receipt:A document signed by the chief officer of a vessel acknowledging the receipt of a certain consignment on board of that vessel. On this document, remarks can be made as to the order and condition of the consignment.
MAWB: Master Airwaybill – see also AWB. Technically, a MAWB covers consolidated cargo (i.e. several shipments from different or the same shippers) consigned to the same location.
MEASURE OF MEASUREMENT :Size of a piece of cargo or consignment expressed in cubic meters or cubic feet determined by taking the length, width and height of the piece or consignment.
Medical First Aid Guide: MFAG Instructions to be consulted in case of accidents involving dangerous goods.
Merchant Haulage:Inland transport of cargo in containers arranged by the Merchant. It includes empty container-moves to and from hand-over points in respect of containers released by the Carrier to Merchants. Note: Carrier's responsibility under the Bill of Lading does not include the inland transport stretch under Merchant Haulage.
Merge in Transit: The process of combining or "merging" shipments from multiple suppliers which are going directly to the buyer or to the store, bypassing the seller. Effectively this is a "drop shipment" from several vendors to one buyer, which is being combined at an intermediary point prior to delivery.
Metric Ton - 2,204.6 pounds or 1,000 kilograms.
METRIC TON: 1,000 Kilograms.
Microbridge - Cargo moving port to port via land or rail; inland destination served overland by rail.
Milestone: The set of specific deadlines or measurement / decisions points which are used to progress in completing an Initiative. Milestones include specific completion dates or rates.
Minimum - Lowest charge.
Minimum B/L - The minimum amount one can charge per individual bill of lading.
Minimum Bill of Lading - A clause in a Bill of lading which specifies the least charge that the carrier will make for issuing a lading. The charge may be a definite sum or the current charge per ton for any specified quantity.
Minimum Charge -This charge is applied in nearly all modes of transport, and is the lowest amount that will be charged for transporting a consignment between two ports.
MLB – Mini Land Bridge.An intermodal system for transporting containers by ocean and then by rail or motor to a port previously served as an all water move (e.g., Hong Kong to New York over Seattle)
MLB:Mini-Land Bridge.
Mode transfer: freight may change from one mode to another, for example, rail to truck,
MONTREAL PROTOCOL No.4: Protocol to amend the Convention for the Unification of certain rules relating to International Carriage by Air.
MPF - Merchandise Processing Fee. The MPF is a user fee paid by the importer on each formal entry of merchandise for consumption. It is a fee collected to cover the expense of Customs commercial operations. MPF is assessed on both air and ocean shipments.
The above details describes about terms called in freight forwarding such as Manufacturer ID, Marine Insurance Policy,MARKETING CHANNEL,Master Air Waybill,Master Bill Of Lading,Material Circumstance,Medical First Aid Guide,Metric ton,Minimum Bill of Lading,Mode transfer,Merchant Haulage 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 Logistics,Loss of market,Low-Boy ,Less-Than-Truckload,Main-line Operator, Marketing channel
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