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Terms used in freight forwarding such as Prepaid freight,Preshipment Inspection,Private Carrie, Protest,Proximate Cause etc.
This post explains about terms used in freight forwarding such as Prepaid freight,Preshipment Inspection,Private Carrie,PRO FORMA INVOICE, Procurement, Project Cargo,Product Life Cycle,PROTEST,Proximate Cause 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
Prepaid freight:Freight paid by the shipper to the carrier when merchandise is tendered for shipment. Not refundable if the merchandise does not arrive at the intended destination.
Prepaid: A freight term, which indicates that charges are to be paid by the shipper. Prepaid shipping charges may be added to the customer invoice, or the cost may be bundled into the pricing for the product.
PREPAID: Charges for the transportation of freight are paid by the shipper.
Pre-payment:The buyer pays the seller for the goods prior to shipment.
Preprinted Airbill:Airbills preprinted with shipping company name, address and account number. Preprinted airbills help speed completion of shipping documentation and assure accurate billing.
PRE-SHIPMENT CHARGES :Any charges incurred prior to the shipment of a cargo which are not included in the sea freight.
Preshipment Inspection: PSI The checking of goods before shipment for the purpose of determining the quantity and/or quality of said goods by an independent surveyor (inspection company) for phytosanitary, sanitary and veterinary controls. Presently there is a tendency by developing countries to use the inspection also for the purpose of determining whether the price charged for certain goods is correct.
Price Look-Up (PLU): Used for retail products sold loose, bunched or in bulk (to identify the different types of fruit, say). As opposed to UPC (Universal Product Codes) for packaged, fixed weight retail items. A PLU code contains 4-5 digits in total. The PLU is entered before an item is weighed to determine a price.
Prime Entry: Statement of goods based on details included in the bill of lading.
Principal:Person for whom another acts as agent.
Private Carrier: A carrier that provides transportation service to the firm and that owns or leases the vehicles and does not charge a fee. Private motor carriers may haul at a fee for wholly-owned subsidiaries.
Private Carrier:owned and operated by a shipper. Usually refers to private trucking fleets. Components include: vehicle fleet, drivers, maintenance equipment. Often more expensive than contracting out, but not always. Can serve special needs: fast, high-ontime-reliability delivery; special equipment; special handling; availability.
Private Label: Products that are designed, produced, controlled by, and which carry the name of the store or a name owned by the store; also known as a store brand or dealer brand. An example would be Wal-Mart's "Sam's Choice" products.
Private Warehouse: A warehouse that is owned by the company using it.
PRO FORMA INVOICE - Pro forma invoices are usually created for an import shipment when there is no commercial invoice available. like a commercial invoice, this document records the kinds and quantities of goods to be sent, their value, and important specifications such as weight, size, dimensions, etc. -Brokers may provide pro forma invoice on behalf of their customer.
Pro Forma Invoice:A sample invoice issued by the exporter before shipment, which the importer may require to arrange import approvals or apply for a letter of credit. It can also be used as an offer to sell goods.
PRO FORMA INVOICE:An invoice provided by a supplier prior to the shipment of merchandise, informing the buyer of the kinds and quantities of goods to be sent, their value, and important specifications (weight, size, etc.)
Pro Forma Invoice:Draft invoice sent to an importer by the exporter prior to order confirmation and shipment to assist in matters relating to obtaining import licences or foreign exchange allocations, or simply to advise the value of a consignment so that letters of credit can be opened.
Pro forma Invoice:The Pro Forma is used primarily to document to the buyer, in advance, the cost and terms of sale of a proposed export. It is used by the foreign buyer as a quotation from the exporter and also to assist in applying for a Letter of Credit from his bank. The Pro Forma Invoice serves as the basis for the subsequent Commercial Invoice.
Pro Forma: Pro forma invoice - it is a quotation.
Pro Number: Any progressive or serialized number applied for identification of freight bills, bills of lading, etc.
PRO: A document assigned by TBAC (or another carrier), with a unique number for the transport of a shipment.
Procurement: The activities associated with acquiring products or services. The range of activities can vary widely between organizations to include all of parts of the functions of procurement planning, purchasing, inventory control, traffic, receiving, incoming inspection, and salvage operations.
Product Characteristics: All of the elements that define a product's character, such as size, shape, weight, etc.
Product Configuration: The arrangement of parts or components to satisfy a customer’s demand by creating a product.
Product ID: A method of identifying a product without using a full description. These can be different for each document type and must, therefore, be captured and related to the document in which they were used. They must then be related to each other in context.
Product Life Cycle Management (PLM): The process of managing the entire lifecycle of a product from its conception, design, development and manufacture, to management of its introduction, growth and decline.
Product Life Cycle: The life of a product in a market with respect to business sales and profits over time. There are five stages to the product life cycle: product development, introduction, growth, maturity and decline.
Product: Something that has been or is being produced.
Project Cargo: Arranging movement of goods and materials in non-standard packages by non-standard methods to or from non-standard destinations. It is often time sensitive.
Project Cargo:Quantity of goods connected to the same project and often carried on different moments and from various places.
Project Shipping - The actual definition is open to interpretation but it can be considered to be an out of gauge shipment or awkward load that the forwarder is required to handle the entire movement, including the arranging of cranes, special transport and loading facilities.
Proof of Delivery (POD): Information supplied by the carrier containing the name of the person who signed for the shipment, the time and date of delivery, and other shipment delivery related information. POD is also sometimes used to refer to the process of printing materials just prior to shipment (Print on Demand).
Proof of Delivery:A document provided by the carrier providing proof that goods have been delivered. This generally includes the receiver's signature.
Proof of Delivery:The receipt signed by the consignee upon delivery.
Proper Shipping Name:A name to be used to describe particular goods on all documents and notifications and, if appropriate, on the goods. basis (air cargo).
Protection and Indemnity Club: P & I club A mutual association of shipowners who provide protection against liabilities by means of contributions.
PROTEST - Protests are done when an importer or broker disagrees with a Customs decision, typically issues involving classifications and values. Protests must be filed within 90 days of liquidation of an entry.
Proximate Cause- An insurance term. The immediate, or most effective cause of a loss. In insurance contracts, underwriters are not liable for losses unless such loss is proximately caused by an insured peril.
The above details describes about terms called in freight forwarding such Prepaid freight,Preshipment Inspection,Private Carrie,pro forma invoice, Procurement, Project Cargo,Product Life Cycle,Protest,Proximate Cause 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 pivot weight,place of political risk,port of arrival,port authority,port of loading,post audit airline/awb,
The above information is a part of Online international business guide course
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