Terms used in freight forwarding such as Vehicle transfer, Visibility,Volumetric,Voyage,Warehouse Entry etc.
This post explains about terms used in freight forwarding such as Vehicle transfer, Visibility,Volumetric,Voyage,Warehouse Entry, Warehouse, Water,Warehousing 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
Vehicle transfer: within a single mode, freight may transfer from one vehicle to another,Storage and warehousing,Fleet maintenance.
Vendor Code: A unique identifier, usually a number and sometimes the company's DUNS number, assigned by a Customer for the Vendor it buys from. Example; a Grocery Store Chain buys Oreo's from Nabisco. The Grocery Store Chain, for accounting purposes, identifies Nabisco as Vendor #76091. One company can have multiple vendor codes. Example; Welch's Foods sells many different products. Frozen grape juice concentrate, chilled grape juice, bottled grape juice, and grape jelly. Because each of these items is a different type of product, frozen food, chilled food, beverages, dry food, they may have a different buyer at the Grocery Store Chain, requiring a different vendor code for each product line.
Vendor: The manufacturer or distributor of an item or product line.
VENDOR: A company that supplies goods and services to another company.
Vendor:Seller.
Very Large Crude Carrier: VLCC A vessel designed for the carriage of liquid cargo in bulk with a loading capacity from 50.000 till 250.000 DWT.
VESSEL - Every description of watercraft or other artificial contrivance used, or capable of being used, as a means of transportation on water.
Vessel: A floating structure designed for transport.
VESSEL: Ship or boat.
Vessel:A floating structure designed for the transport of cargo and/or passengers Boiler, drum
VESSEL:Every description of watercraft or other artificial contrivance used, or capable of being used, as a means of transportation on water.
VISA - A textile visa is an endorsement in the form of a stamp or an invoice or export control license which is executed by a foreign government. It is used to control the exportation of textiles and textile products to the United States and to prohibit the unauthorized entry of such merchandise into this country.
Visibility: The ability to access or view pertinent data or information as it relates to logistics and the supply chain, regardless of the point in the chain where the data exists.
Volume Charge -Charges based on volume
Volume Charge:A charge for carriage of goods based on their volume (air cargo).
VOLUME WEIGHT: See Chargeable weight
Volume:Size or measure of anything in three dimensions.
Volumetric:A notional or calculated weight for bulky goods sent by air. Generally stated as 6000cm3 = 1 kg, meaning that the total volume in cubic centimetres is divided by 6000 to give an equivalent weight in kgs. The airline or forwarder will charge whichever is the greater of the actual weight and volumetric weight. Also shown sometimes as 167 kg = 1 cbm
Voyage Charter:A contract under which the shipowner agrees to carry an agreed quantity of cargo from a specified port or ports to another port or ports for a remuneration called freight, which is calculated according to the quantity of cargo loaded, or sometimes at a lumpsum freight.
Voyage Number :The numeric identification of a trip undertaken by a vessel on a fixed trade lane.
Voyage Number:Reference number assigned by the carrier or his agent to the voyage of the vessel.
Voyage:A journey by sea from one port or country to another one or, in case of a round trip, to the same port.
W.M. (W/M) - Abbreviation for "Weight or Measurement;" the basis for assessing freight charges. The rate charged under W/M will be whichever produces the highest revenue between the weight of the shipment and the measure of the shipment.
W/M – Weight or Measure.Charge per cubic meter or per 1000K, whichever is greater (US inland portion of LCL will be charged per cubic meter or per 363K, whichever is greater)
W/M:Weight or Measure: whichever is greater.
War Risk - Insurance coverage for loss of goods resulting from any act of war.
War Risk - In Marine Insurance, is damage or loss sustained as the result of acts of war. It is usually written in a separate policy against current war like acts as well as former war leftovers, such as floating mines not detected, etc. War Risk is not included in an All Risk policy, but can be added by endorsement. A separate premium is usually paid.
Warehouse Entry :Applies to import goods that won't be used immediately.
Warehouse Management System (WMS): The systems used in effectively managing warehouse business processes and direct warehouse activities, including receiving, putaway, picking, shipping, and inventory cycle counts. Also includes support of radio-frequency communications, allowing real-time data transfer between the system and warehouse personnel. They also maximize space and minimize material handling by automating putaway processes.
WAREHOUSE RECEIPT:A receipt supplied by a warehouseman for goods he has placed in storage.
Warehouse To Warehouse -This phrase refers to the so-called “warehouse to warehouse clause” which is incorporated into many modern transportation insurance policies. The Clause confirms where coverage begins and where it ends. In terms of the Clause, insurers go on risk when the traffic being insured leaves the Shipper’s warehouse in the Country of Origin and they come off risk when one of three events occur:-either(a) the goods arrive at final intended destination,
or (b) a period of 60 days elapses after the goods are discharged from the last overseas vessel (in the case of airfreight consignments, the period comes down to 30 days),or(c) the goods go into a warehouse along the way for distribution purposes. It is important to remember that Insurers come off risk when either of (a), (b) or(c) FIRST occurs. n.b. The above provisions can usually be extended by agreement with the underwriter.
Warehouse: Storage place for products. Principal warehouse activities include receipt of product, storage, shipment, and order picking.
Warehouse:A place for the reception and storage of cargoes.
WAREHOUSE-TO-WAREHOUSE CLAUSE:The clause in the Cargo Policy that defines when coverage commences and terminates. It is the intent of the policy to attach at the time the goods leave the warehouse of origin named in the Policy, and to continue while the goods are in due course of transit until delivered to the warehouse of destination named in the Policy, where it terminates.
Warehousing: The storing (holding) of goods.
Warehousing:Those activities of holding and handling goods in a warehouse (store).
WARSAW CONVENTION INSURANCE: Legal liability insurance (US$20/kg or US$9.07/lb) established by the airlines. It is the global standard for all airlines.
Warsaw Convention:The Convention for the Unification of Certain Rules Relating to International Carriage by Air, signed at Warsaw, 12 October 1929, or that Convention as amended by the Hague Protocol, 1955, stipulating obligations or parties and limitations and/or exonerations of carriers (air cargo).
Water - Term used in referencing the amount of volume an ocean container can hold. The given volume is if the container was filled with water, using all available space. A distinction is made since this type of measurement is not practical.
Waybill (WB) :A document prepared by a transportation line at the point of a shipment; shows the point of the origin, destination, route, consignor, consignee, description of shipment and amount charged for the transportation service. A waybill is forwarded with the shipment or sent by mail to the agent at the transfer point or waybill destination. Unlike a bill of lading, a waybill is not a document of title.
The above details describes about terms called in freight forwarding such Vehicle transfer, Visibility,Volumetric,Voyage,Warehouse Entry, Warehouse, Water,Warehousing 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 Unit Load,US CUSTOMS, Validation,Valuation surcharge,Value for Duty,Valuable Cargo
The above information is a part of Online international business guide course
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