Due to the unfortunate events happening in Ukraine, there will be an increase in freight and there is a potential further delay on shipments due to availability of vessels and space. This matter will affect any import / export businesses around the globe regrettably. We thank you for your understanding and support during this unexpected situation.
Bill of Lading |
A document that establishes the terms of a contract between a shipper and a transportation company. It serves as a document of title, a contract of carriage and a receipt for goods. |
| Container |
A truck trailer body that can be detached from the chassis for loading into a vessel, a rail car or stacked in a container depot. Containers may be ventilated, insulated, refrigerated, flat rack, vehicle rack, open top, bulk liquid or equipped with interior devices. The most common used for vehicles are 20FT and 40FT HC. |
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Cost and freight |
A Term of Sale where the seller pays the costs and freight necessary to bring the goods to the named port of destination. This is also known as CNF |
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Cost, insurance and freight |
A Term of Sale where the seller has the same obligations as under the CNF but also has to procure marine insurance against the buyer’s risk of loss or damage to the goods during the carriage. |
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Free on board |
An International Term of Sale that means the seller fulfills its obligation to deliver when the goods have passed over the ship’s rail at the named port of shipment. This means that the buyer has to bear all costs and risks to loss of or damage to the goods from that point. The FOB term requires the seller to clear the goods for export. |
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Invoice |
An itemized list of goods shipped to a buyer, stating quantities, prices, shipping charges, etc. |
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Marine or Ocean insurance |
Broadly, insurance covering loss or damage of goods at sea. Marine insurance typically compensates the owner of merchandise for losses sustained from fire, shipwreck, etc., but excludes losses that can be recovered from the carrier. |
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Letter of credit |
A document, issued by a bank per instructions by a buyer of goods, authorizing the seller to draw a specified sum of money under specified terms, usually the receipt by the bank of certain documents within a given time. |
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Auction inspection sheet |
When vehicles are presented to the auction house for sale, the auction house inspector undertakes a rigorous inspection of the vehicle prior to the auction and prepares an Inspection Report for prospective buyers to view. This is effectively a 3rd party inspection, as the inspection is not commissioned by the seller, dealer or corporation submitting the vehicle for auction, and this seller has no control over the contents of the auction house’s report. The details and condition filled out by the inspector are based on the documents, records and visual inspection of the vehicle. None vehicles are diagnose or any interested bidder can test drive it. |
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Original Equipment Manufacturer |
Original equipment manufacturer, or OEM, is a term that refers to containment-based re-branding, namely where one company uses a component of another company within its product, or sells the product of another company under its own brand. OEM refers to the company that originally manufactured the product. |
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Proforma invoice |
A quotation in the form of an invoice prepared by the seller that details items which would appear on a commercial invoice if an order results. |
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Roll on/Roll off |
A shortening of the term, “Ro-Ro” A method of ocean cargo service using a vessel with ramps which allows wheeled vehicles to be loaded and discharged without cranes. |
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Telegraphic transfer |
The most common payment method that requires the use of cable or telegraph to remit funds. Money does not move physically. The order to pay is wired to an institutions casher to make payment to a company or inpidual. |