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Shipping Terminology E's, F's, G's, and H's


Shipping Terminology E's, F's, G's, and H's
Author: Admin
Written: 03/15/2018 9:25am
Updated: 12/16/2018 3:15am

 

To help you understand terms used in the shipping industry, whether familiar or not, we created an index of sorts with many useful shipsping terms. We hope that these aid you in communicating, interpreting, and managing your business.

Exceptions: Notes made by a consignee on the receipt indicating issues or problems with the shipment; most frequently noting shortage or damage to the shipment.

Exclusive Use: Similar to shipping via FTL, shippers pay a premium to have exclusive access to a trailer so no one else’s freight can be shipped on the same trailer.

Exempt Product: Products considered to be exempt from regulation by the federal government.

FAK: Freight, all kinds. A pricing method which groups multiple different classes of freight into a single class.

FOB Destination: An incoterm arrangement under which the risk and title ownership remain under the seller until the goods have been fully delivered to the location noted on the contract.

FOB Origin: An incoterm arrangement under which the risk and title ownership are transferred to the buyer once the freight has been given to the carrier.

FAS: Free Along Side (FAS) is an incoterm arrangement under which the seller is responsible for the costs and risk of delivering goods to a specified port and along a vessel designated by the buyer.

FOB: Free On Board (FOB) is an incoterm arrangement under which the seller assumes all costs and risks associated with shipping cargo to a place specified on the contract, at which point the costs, risks, and title ownership will be transferred to the buyer.

Freight: Broad term referring to goods being shipped.

Freight Bill: A document indicating a description of the goods being shipped, their weight, charges and taxes, and if the bill is prepaid or collect. A prepaid bill indicates the shipper pays the shipping charges, whereas a collect bill indicates the consignee pays the shipping charges.

Freight Broker: An agent or company that provides shipping services for compensation. Very rarely do freight brokers assume the risk or responsibility of moving their shipments.

Freight Forwarder: Freight forwarders are similar to common carriers, in that they arrange shipping services on behalf of a shipper. They issue Bills of Lading and assume responsibility for their shipments.

Gross Weight Vehicle: The entire weight of a tractor with its trailer and all goods loaded.

Hazardous Material: A material indicated as hazardous by the U.S. Department of Transportation. Generally, any material that poses considerable risk to health and safety is listed as a hazardous material. This includes but is not limited to explosives, poisonous substances, corrosive material, and compressed gas.