Terms used in freight forwarding such as Twenty-foot Equivalent Unit,Terminal Handling Charge, Through Bill of Lading

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Terms used in freight forwarding such as Twenty-foot Equivalent Unit,Terminal Handling Charge, Through Bill of Lading etc.

 

This post explains about terms used in freight forwarding such Tariff, Tender, Telex, Terminal Charge ,Terms of delivery ,Terms of Freight,Twenty-foot Equivalent Unit,Terminal Handling Charge, Through Bill of Lading 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

 

Tariff: A tax assessed by a government on goods entering or leaving a country. The term is also used in transportation in reference to the fees and rules applied by a carrier for its services.

 

Tariff:A document issued by a carrier setting forth applicable rules, rates, and charges for the movement of goods. It sets up a contract of carriage between the shipper, consignee, and carrier. In international trade applications, the term also refers to a tax on imports.

 

Tariff:The schedule of rates, charges and related transport conditions.

 

TARRIFF:A publication containing a carrier's charges for transportation services or the charges assessed on items imported into a country.

Terms used in freight forwarding such as Twenty-foot Equivalent Unit,Terminal Handling Charge, Through Bill of Lading etc

Tasks: The breakdown of the work in an activity into smaller elements.

 

Telex:A communication wire service that automatically transmits data that has been entered on a teletypewriter.

 

Telex:A communication wire service that automatically transmits data that has been entered on a teletypewriter.

 

Tender: The document which describes a business transaction to be performed.

 

Tenor:The period of time before a bill of exchange falls due for payment

 

TENOR:The term fixed for payment of a draft.

 

Term Draft:A bill of exchange drawn for a period other than at sight or on demand.

 

Terminal - An assigned area in which containers are prepared for loading into a vessel, train, truck, or airplane or are stacked immediately after discharge from the vessel, train, truck, or airplane.

 

Terminal Charge - A charge made for a service performed in a carrier's terminal area.

 

Terminal Handling Charge (THC) :A charge of carriers for recovering the costs of handling FCLs at container terminals at origin or destination.

 

TERMINAL:A carrier or public facility where freight (or passengers) is shifted between vehicles, or modes.

 

Terminal:A location on either end of a transportation line including servicing and handling facilities.

 

Terminal:An assigned area in which containers are prepared for loading into a vessel or are stacked immediately after discharge from the vessel.

 

Terminal:transportation facility with one or more of the following roles:

 

Terms and Conditions (T’s & C’s): All the provisions and agreements of a contract.

 

TERMS OF DELIVERY - This refers to the contract of carriage, or delivery terms, of freight. When a air bill or bill of lading is produced, the carrier and shipper will agree upon the transportation responsibilities of the carrier. The most common terms of delivery are below. However, service combinations are possible, such as Port to Door, or CY to CFS, and may be dictated by the carriers rules governing the release of their containers, or perhaps by the limitations of connecting transportation.

 

Terms of Freight:All the conditions agreed upon between a carrier and a merchant about the type of freight and charges due to the carrier and whether these are prepaid or are to be collected. Note: The so-called Combi terms based on the INCO terms do make a distinction what of the freight and related costs is to be paid by the seller and what by the buyer. In the UN recommendation 23 a coding system is recommended to recognise the various items.

 

TERMS OF SALE:The invoice is the sales contract between buyer and seller and indicates the Terms of Sale.

 

TEU - Abbreviation for "Twenty foot Equivalent Unit." Used to convey quantity for large amounts of cargo.

 

TEU (Twenty-foot Equivalent Unit) - A 20' container is a TEU. Term used to express the carrying capacity of vessels.

 

TEU -Twenty Foot Equivalent unit. The acronym used to describe the space occupied by a 20’ container.ie. 1 x 20’ container = 1 TEU:1 x 40’ container = 2 TEU
Used as measurement unit to describe the carrying capacity of a container vessel.

 

TEU: 20-ft equivalent unit. A standard of measure used to indicate container vessel or terminal capacity. A 20-ft container.

 

TEU:twenty-foot equivalent unit. Method of measuring vessel load or capacity, in units of containers that are twenty feet long. A 40' long container measures 2 TEUs; two twenty-foot containers (TEUs) equal one FEU.

 

TEU:Twenty-foot equivalent unit. Used to measure a vessel's capacity.

 

TEXTILE DECLARATION - Documents supplied by the manufacturer or the importer to indicate origin of textiles used in making the product. The actual label in the garment should match the origin of the textile declaration.

 

THC (Terminal Handling Charge) - Charge assessed by terminal for loading, unloading, fork lifts, document fees, and other assessments for import and export cargo.

 

THC: Terminal Handling Charge is usually a port charge applied by the port for handling the container or any portion thereof. Many times this charge is included in the basic ocean freight at origin but is extra at destination

 

THC: Terminal handling charge. Another accessorial charge.

 

THC:Terminal handling charge, levied by CY and CFS operators for goods passing through their operations.

 

THC:Terminal Handling Charge.

 

THE AIR CARGO TARIFF (TACT): Rules regulations and rates published for international air shipments.

 

Third Party Billing:The designated payor of an invoice other than the shipper or the consignee.

 

THIRD PARTY: Any person who acts on behalf of another person.

 

Third-Party Logistics (3PL): Outsourcing all or much of a company’s logistics operations to a specialized company. The term "3PL" was first used in the early 1970s to identify intermodal marketing companies (IMCs) in transportation contracts. Up to that point, contracts for transportation had featured only two parties, the shipper and the carrier. When IMCs entered the picture—as intermediaries that accepted shipments from the shippers and tendered them to the rail carriers—they became the third party to the contract, the 3PL. Definition has broadened to the point where these days, every company that offers some kind of logistics service for hire calls itself a 3PL. Preferably, these services are integrated, or “bundled,” together by the provider. Services they provide are transportation, warehousing, cross-docking, inventory management, packaging, and freight forwarding. In 2008 legislation passed declaring that the legal definition of a 3PL is “A person who solely receives, holds, or otherwise transports a consumer product in the ordinary course of business but who does not take title to the product.” Third-Party Logistics Provider: A firm which provides multiple logistics services for use by customers. Preferably, these services are integrated, or "bundled" together by the provider. These firms facilitate the movement of parts and materials from suppliers to manufacturers, and finished products from manufacturers to distributors and retailers. Among the services which they provide are transportation, warehousing, cross-docking, inventory management, packaging, and freight forwarding.

 

Third-Party Service Provider (3PSP): See Third-Party Logistics (3PL)

 

Third-Party Warehousing: The act of using a contractor to provide warehousing services, and the name of the industry which is involved in providing contract warehousing operations for hire.

 

Through Bill of Lading -Used frequently in modern commerce. It is a Bill of Lading covering transport of the goods by more than one carrier or by more than one means of transport. The carrier who issues the bill will be responsible for the transhipping and/or onforwarding.

 

The above details describes about terms called in freight forwarding such as Tariff, Tender, Telex, Terminal Charge ,Terms of delivery ,Terms of Freight,Twenty-foot Equivalent Unit,Terminal Handling Charge, Through Bill of Lading 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 Subrogation, Supply Chain Execution,Supply Chain,surety,Surcharge,SWIFT,TACT Rate

 

 

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