Terms used in freight forwarding such as Subrogation, Supply Chain Execution,Supply Chain,surety,Surcharge,SWIFT,TACT Rate, etc.
This post explains about terms used in freight forwarding such as Subrogation, Supply Chain Execution,Supply Chain,surety,Surcharge,SWIFT,TACT Rate,Tank Container,Tare Weight ,Tariff Rate 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
Stuffing - Putting cargo into a container (Loading).
STUFFING :Putting cargo into a container.
Stuffing:The loading of cargo into a container.
Subrogation- A legal principle whereby an Insurance Company can inherit the rights and liabilities of the assured, and counter-claim against the Carrier who caused the loss or damage. The subrogation process can begin once the Insurer has paid out the assured under the terms of the policy.
SUBROGATION:The operation by which the insurance company (on payment of a claim) assumes all of the assured's rights to recovery from any third parties; substitution of one creditor for another.
SUFFERANCE WAREHOUSE: Canadian equivalent of a CFS or Bonded Warehouse
Supplier: An individual or an organization who supplies goods or services to the company. This is also sometimes referred to as a ”vendor.” In some settings—where a company provides goods through a distribution network— network members may be referred to as suppliers, even though they are the immediate customers of the company.
Supply Chain Execution (SCE): The ability to move the product out the warehouse door. This is a critical capacity and one that only brick-and-mortar firms bring to the B2B table. Dot-coms have the technology, but that's only part of the equation. The need for SCE is what is driving the Dot-coms to offer equity partnerships to the wholesale distributors.
Supply Chain Inventory Visibility: The ability to visualize the status of inventory in the supply chain from some point upstream—beginning with the various tiers of suppliers—on to downstream—through distribution and retail channels. In most cases, this will only be one level in each direction; however, it may include the ability to access supply and demand information at those points as well.
Supply Chain Network Design Systems: The systems employed in optimizing the relationships among the various elements of the supply chain manufacturing plants, distribution centers, points-of-sale, as well as raw materials, relationships among product families, and other factors-to synchronize supply chains at a strategic level.
Supply Chain: 1) starting with unprocessed raw materials and ending with the final customer using the finished goods, the supply chain links many companies together. 2) the material and informational interchanges in the logistical process stretching from acquisition of raw materials to delivery of finished products to the end user. All vendors, service providers and customers are links in the supply chain.
Supply Chain:A sequence of events in a goods flow which adds to the value of a specific good. These events may include: - Conversion - Assembling and/or disassembling - Movements and placements.
Supply Vessel:Vessel which carries stock and stores to offshore drilling rigs, platforms.
Surcharge:An additional charge added to the usual or customary freight.
Surcharge:An extra or additional charge.
SURETY - An obligor on a surety bond, specifically, an entry providing a guarantee for the payment of all government debts, secured by a bond as evidenced by the sureties name and authorized signature in the bond.
Survey:An inspection of a certain item or object by a recognised specialist.
SURVEYOR:A marine specialist who examines damaged property and determines the cause, nature, and extent of damage and methods of repair and/or replacement. He is not an adjuster, and all his actions are without prejudice to policy terms and conditions.
Surveyor:A specialist who carries out surveys. Note: A surveyor is often representing a classification bureau or a governmental body.
SWIFT:Society for Worldwide Inter-bank Financial Telecommunications, whereby banks can electronically transfer funds, issue L/Cs, etc.
System access: terminals are points at which freight enters and leaves the transportation system,Freight consolidation/distribution,
T E U:Twenty-Foot Equivalent Unit. Commonly describes a 20-foot container.
T&E - Transport and Exportation. Similar to an I.T. and submitted on the same form. This type of entry is used for goods that will not enter in to the commerce of the U.S. but will be immediately exported. No formal entry or duty will be submitted to U.S. Customs for this type of entry.
T.O.F.C.:Railroad term which means Trailer On Flat Car.
T/T:Telegraphic transfer, an electronic means of transferring funds between banks, generally using SWIFT.
TACM: Transit Air Cargo Manifest – dispensation by US Customs to allow airlines to substitute the MAWB for a CF7512
TACT Rate -The IATA Tariff rate as listed in the TACT books. See Chapter on Freight rates for a full explanation of TACT rates.
TACT -The Air Cargo Tariff book, issued by IATA.
Tallyman / Clerk:A person who records the number of cargo items together with the condition thereof at the time it is loaded into or discharged from a vessel.
Tank Container- A container designed for the carriage of bulk gases, liquids and powders.
Tank Container: A container suitable for carrying liquids of powder
Tank Container:A tank, surrounded by a framework with the overall dimensions of a container for the transport of liquids or gasses in bulk.
Tanker:A vessel designed for the carriage of liquid cargo in bulk.
TARE (WEIGHT) :Weight of packing or of a shipping container. This is deducted from the gross weight in order to obtain the net weight of the goods.
TARE WEIGHT - The weight of a container and packaging materials without the weight of the goods it contains.
Tare Weight - The weight of a container and the material used for packing exclusive of cargo. When applied to a loaded truck, the weight of the truck exclusive of its contents.
Tare Weight of Container:Mass of an empty container including all fittings and appliances associated with that particular type of container on its normal operating condition.
Tare Weight: The weight of an empty vehicle or container. By subtracting it from the gross weight (laden weight), the weight of the goods carried (the net weight) may be determined.
TARE WEIGHT:The weight of a container and packing materials without the weight of the goods it contains.
Tare Weight:The weight of a shipment excluding the goods being shipped (compare with Gross Weight.)
Tare :The actual weight of the container only without goods.
Tariff - A schedule of charges, rules and regulations, which must be followed. This can be for transportation charges, loading and unloading charges, and import duties, etc.
Tariff Rate: - Permits a specified quantity of merchandise to be entered or withdrawn for consumption at a reduced duty rate during a specified period.
Tariff Rate:The rate or price schedule for transporting different items to various countries.
Tariff :A published listing containing actual rates, classifications, charges, and rules. A tariff is the distinguishing feature of a common carrier consisting of transportation between published points/routes of service based on a common set of rules, at specified costs.
The above details describes about terms called in freight forwarding such Subrogation, Supply Chain Execution,Supply Chain,SURETY,Surcharge,SWIFT,TACT Rate,Tank Container,Tare Weight ,Tariff Rate 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 Special-Commodities Carrier,Stability,Stack Car,Steamship conference, Subject to Inspection
The above information is a part of Export import business Course online
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