FF&E Flashcards
Packing List
list the contents of each package
Bill of Lading
a detailed list of a shipment of goods in the form of a receipt given by the carrier to the person consigning the goods.
Freight Bill
an invoice from a logistics company that details the various costs charged for moving freight
Contact Carriers
Have contracted delivery services only with particular companies.
Common Carriers
Offer delivery services to the public. Responsibility of goods is with titleholder.
Private Carriers
Own and operate their own trucks to move their own products. Responsibility for goods lies with the private carrier.
What does FOB stand for?
Free on board
What does FOB Factory mean?
means the vendor will load goods onto the truck, train, or another mode of transportation. Then, the goods’’ title, or ownership, transfers to the buyer at the factory.
the buyer needs to be prepared to pay for the transportation and have the goods insured.
FOB Destination
FOB (free on board) destination means that the seller retains title to the goods while in transit, because the title is transferred at the destination (delivery).
What is the UCC and what do they do?
assigns risks by allowing the factory and vendor to use “F.O.B. factory” or “F.O.B. destination” to determine at what point title is transferred and who is at risk for shipping damage.
What is an expressed warranty?
Promises, claims, descriptions, or affirmations made about a product’s performance, quality or condition that form the “basis of the bargain”. In effect, the basis of the bargain means that the information provided is what primarily influences the decision of the buyer.
The risk of furniture being damaged during shipment is assigned by the:
Uniform Commercial Code (UCC)
Assign risk allowing factory and vendor to use “F.O.B. factory” or “F.O.B. destination” to determine at what point title is tranfered
What the steps for procurement?
1.) client signs contract
2.) designer issues P.O.
3.) Vendor issues acknowledgement
4.) Designer checks acknowledgement
5.) Vendor issues invoice to designer or party responsible for payment
What is a packing list?
a packing list itemizes the contents of each package
What is a bill of lading?
Legal document issues by carrier to a shipper that details types, quanity, and destination of the goods (also serves as receipt)