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Freight rate. A freight rate (historically and in ship chartering simply freight [1]) is a price at which a certain cargo is delivered from one point to another. The price depends on the form of the cargo, the mode of transport ( truck, ship, train, aircraft ), the weight of the cargo, and the distance to the delivery destination.
The Incoterms or International Commercial Terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) relating to international commercial law. [ 1] Incoterms define the responsibilities of exporters and importers in the arrangement of shipments and the transfer of liability involved at various ...
FOB ( free on board) is a term in international commercial law specifying at what point respective obligations, costs, and risk involved in the delivery of goods shift from the seller to the buyer under the Incoterms standard published by the International Chamber of Commerce. FOB is only used in non-containerized sea freight or inland waterway ...
Definition and functions. A freight forwarder is an entity who co-ordinates and organizes the movement of shipments on behalf of a shipper (party that arranges an item for shipment) by liaising with carriers. [3] A carrier is an entity that actually transports goods and may use a variety of shipping modes, including ships, airplanes, trucks ...
Freight equalisation policy was adopted by the Government of India (Union Government) to facilitate the equal growth of industry all over India (Indian Union). This meant a factory could be set up anywhere in India and the transportation of minerals would be subsidised by the Union Government. The policy was introduced in 1952, and remained in ...
Customs house agent. In India, a customs house agent (CHA) is licensed to act as an agent for transaction of any business relating to the entry or departure of conveyances or the import or export of goods at a customs station. CHAs maintain detailed, itemized and up-to-date accounts. A CHA license may be temporary or permanent.
t. e. A bill of lading ( / ˈleɪdɪŋ /) (sometimes abbreviated as B/L or BOL) is a document issued by a carrier (or their agent) to acknowledge receipt of cargo for shipment. [1] Although the term is historically related only to carriage by sea, a bill of lading may today be used for any type of carriage of goods. [2]
Bunker adjustment factor, bunker surcharge or BAF refers to the floating part of sea freight charges which represents additions due to oil prices. [1] BAF charges used to be determined by Carrier Conferences to be applicable for a certain period on a certain trade route . The European Commission banned Carrier Conferences as of October 17, 2008.