Definitions & Terms Flashcards
what’s the definition of a backhauler
A carrier who’s office is located in the city where the load is to be delivered to.
What’s the definition of a broker
A person who provides a service for another, that they could do for themselves, but they choose not to
What’s the definition of brokering
Making a market between a willing buyer and seller,
What’s the definition of a Motor carrier?
The person authorized to take possession of freight in Interstate Commerce
What’s the definition of a Motor carrier sales Representative.
A person authorized to act as a load finder, on behalf of the motor carrier.
Whats the definition of a shipper
the person who pays the freight bill
Whats the definition of a Consignor
The person who creates the bill of lading, and consigns the freight to the shipper
Whats the definition of a Consignee
The person who executes the Bill of lading, by signing it received there by terminating the Motor carrier consignment.
Whats the definition of Forwarder
A broker wo takes possession of and insures the cargo among various modes of transportation such as truck to rail to truck
What’s the definition of a consolidator
An unlicensed person who takes possession of less than truck load freight, and makes full truckloads.
What is a Holder of beneficial interest
A person having possession of and /or a property right in a bill of lading
Can a broker qualify as a Holder of beneficial interest
Only if the broker the broker accepts liability in case of a lose.
What is the definition of Congruency
Being in agreement or harmony,
What is the definition of Intermodality
Any freight movement involving more than one mode of transportation
What is the definition of rate matrix
Method for learning what freight rates prevail before you start your brokering or trucking or sale process, a method of freight rate development
What is the definition of Bill of Lading (BOL)
Receipt, contract to haul and title between motor carrier and consignor for the transport of property interstate.
What’s the definition of overage?
Means there is more freight on the truck that was not accounted for on the Bill of Lading
Whats the definition of shortage
Cargo listed on the BOL is short of the agreed upon load.
what’s the definition of re-consignment
when any party to a transportation transaction extends, shortens or in otherwise changes the terms of the rate confirmation
What’s the definition of the Elkins act of 1903
that the payment of the freight bill must occur before a valid claim for loss can be paid
what’s the definition of Holder of beneficial interest?
A person having possession of and or/or a property right in a bill of lading
What’s the definition of Drop shipment
Any shipper who purchases transportation without actually taking possession of it. Standard non-binding, collect, and bind and or double binding
What’s the definition of double brokering
The willful misrepresentation of a motor carrier to a broker for the purposes of re-brokering a load without shipper’s or brokers knowledge
What’s the definition of re-brokering
Is double brokering by a different name, and is also outlawed.
What’s the definition of Co-Brokering
When two brokers split one commission, not when they take two commissions.
What’s the definition of Interlining
When two authorized motor carriers involved in the movement of freight from point A to point B
What’s the definition of retail freight rate
Any freight rate invoiced by a broker or carrier directly to a shipper (100%) the highest market rate
What’s the definition of wholesale freight rate
Any retail freight rates less a broker’s commission, a
What is the definition of Truck waiting freight rate
Motor carrier bids to a broker for posted load. Another
What’s the definition of a Bid?
Motor carrier asking a broker for miles and money
What’s the definition of an Ask?
Shipper or broker are asking motor carriers for a rate
