VESTIL FREIGHT ADVANTAGE

Bill Of Lading (BOL or BL) - A BOL is a legal document between the shipper and carrier detailing the type, quantity and destination of the goods being carried. The BOL also serves as a receipt of shipment when the goods are delivered at the predetermined destination.

LTL - Less than truckload, or LTL, is a freight mode for shipments larger than parcel or small package but short of the space required of a full truckload shipment. The freight is typically moved by common carrier.

PRO Number - The PRO number is assigned by carriers once a shipment has been picked up to help shippers track the progress of their freight. This is known as the standard tracking number in the freight shipping industry.

FAK - FAK stands for Freight All Kinds. Essentially, FAKs were set up to help shippers who ship items at multiple freight classes ship all those shipments at the same class. It was implemented to facilitate an easier pricing and billing communication between the shipper and the carrier. Additionally, it eliminates the headache of figuring out the NMFC classification of individual items each time a shipment is processed. As an example, a shipper who shipped multiple commodities ranging in class from 125 to 200 could negotiate an FAK with the carrier to ship all items at class 150. More recently, FAKs have evolved into a negotiating tool used by both the shipper and carrier. Depending on the volume of the shipper, freight carriers will agree to ship items at a lower class in order to secure the business of the customer.

FOB - FOB stands for “free on board” or “freight on board” and is a designation is used to indicate when liability and ownership of goods is transferred from a seller to a buyer. When used with an identified physical location, the designation determines which party has responsibility for the payment of the freight charges and at what point title for the shipment passes from the seller to the buyer.

In international shipping, for example, “FOB [name of originating port]” means that the seller (consignor) is responsible for transportation of the goods to the port of shipment and the cost of loading. The buyer (consignee) pays the costs of ocean freight, insurance, unloading, and transportation from the arrival port to the final destination. The seller passes the risk to the buyer when the goods are loaded at the originating port.

Prepaid and Add - The Buyer assumes title and control of the goods the moment the carrier signs the bill of lading. FOB Origin, Freight Prepaid Seller pays and bears freight charges. FOB Origin, Freight Prepaid & Add Seller pays and invoices Buyer for freight charges.