Shipping Terms B

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BAF or Bunker Adjustment Factor is shipping charge for the fuel fluctuating cost also known as fuel adjustment factor or FAF.

Bank Guarantee is letter issued by a bank to a shipping line as guarantee for lost or misplaced original negotiable bill of lading.

Base Rate is a standard rate without accessorial charges.

Beneficiary the party to whom the letter of credit is issued and money are paid.

Bill Of Lading B/L or BOL is contract between the shipper and the carrier for the freight stating the terms for the shipment and also acting as receipt for the freight.

Amended BOL is revised document requested by shipper or consignee

BOL Terms are indicating carrier duties and liabilities.

B/L’s Status defines weather freight input, rated, reconciled, printed, or released.

B/L’s Type: Original Bill of Lading, Non–negotiable, Revised B/L or Amended (AM) B/L.

Canceled BOL is stating shipper cancelation of the B/L.

Clean Bill of Lading is B/L declaring a defective condition of the freight or the packaging, usually not accepted by the buyer or the banks.

Combined BOL is issued for cargo shipped with different transportations.

Consolidated Bill of Lading is issued for numerous BOLs consolidated in single B/L.

Corrected B/L is stating financially related changes.

Express Bill of Lading requires no originals, paper or copies printed. It is Non–negotiable B/L.

House B/L is generated by consolidator or freight forwarder for a single shipment stating the goods being transported, names and addresses of the parties involved in the transaction.

Negotiable B/L can be bought, sold or traded while freight is in transit. Originals are required by the carrier in order to release the shipment.

Negotiable Bill of Lading is title of the merchandise, issued “to order to” and endorsement   is       required from the shipper for goods transfer.

Non–Negotiable BOL or also known as Straight B/L. Goods cannot be sold, bought or traded while cargo is in transit, most often the cargo has been prepaid.

Original B/L is the part of the OBL indicating the value.

Split B/L is issuing numerous BOLs deriving from a single B/L.

Bill of Sale is receipt for transfer of ownership of the cargo from one party to another in return for money paid.

Bill to Party is a party paying for the service.

Billed Weight is the invoiced, chargeable weight.

Blocking or Bracing is securing the cargo to prevent cargo shifting and damage.

Boat is small vessel for water traveling.

Bond Port is designated port of initial customs entry.

Bonded Freight is goods transported under a bond to U.S. Customs and transported under stated terms and conditions.

Bonded Warehouse is storage of goods authorized by Customs for which custom duties are postponed.

Booking is space and equipment reservation with a carrier for freight acceptance and carriage.

Break Bulk is non containerized cargo.

Broker is person arranging freight transportation for commission.

Bunker Charge is carrier compensation for fuel cost fluctuations. Also known as BAF Bunker Adjustment Factor or FAF Fuel Adjustment Factor.