Glossary

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Absolute liability

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Common carrier accepts liability and is not protected by normal exemptions found in bill of lading or common law liability.

Created By: Tori Liu 2015-03-16

Last Updated By: Tori Liu 2015-03-16

A standardized notice sent to vendors advising that a shipment has been accepted or rejected and will be kept, rejected, or otherwise disposed. It contains pertinent in¬formation about the shipment and, if rejected, the nature of the rejection.

Created By: Tori Liu 2015-03-16

Last Updated By: Tori Liu 2015-03-16

Acceptance

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The termination of a common-carrier contract when a consignee acknowledges receipt of a shipment. Acceptance can also signify a promise to pay if speciﬁed in the contract

Created By: Tori Liu 2015-06-16

Last Updated By: Tori Liu 2015-06-16

Accessorial charges

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Charges for supplemental services and privileges that are not included in normal freight or warehousing rates. Accessorial charges are usually ﬂat fees for packing, pickup, delivery, in-transit privileges, demurrage, switching, marking, weighing, preparing bills, loading, ...

Created By: Tori Liu 2015-06-16

Last Updated By: Tori Liu 2015-06-16

Accredited customer list

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A list of accounts authorized to draw directly from stock in the warehouse. The list is generally furnished by the owner of the goods or a designated agent

Created By: Tori Liu 2015-06-16

Last Updated By: Tori Liu 2015-06-16

Accuracy level

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The percentage of items located during an audit or sampling program that match the book inventory. The opposite measurement is the error rate. The accuracy rate can also be viewed as 100% minus the error rat

Created By: Tori Liu 2015-06-16

Last Updated By: Tori Liu 2015-06-16

Acknowledgment

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A communication from a vendor to advise the purchaser that a purchase order has been received and the order has been accepted

Created By: Tori Liu 2015-06-16

Last Updated By: Tori Liu 2015-06-16

Acquiescence

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When a bill of lading is accepted or signed by a shipper or his agent without protest, he is said to acquiesce to the terms, giving silent consent

Created By: Tori Liu 2015-06-16

Last Updated By: Tori Liu 2015-06-16

Act of God

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An unavoidable occurrence or accident produced by a physical cause such as ﬂoods, earthquakes, most ﬁres, and other natural disasters

Created By: Tori Liu 2015-06-16

Last Updated By: Tori Liu 2015-06-16

Active inventory

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The inventory from which goods are being picked, as distinct from reserve inventory

Created By: Tori Liu 2015-06-29

Last Updated By: Tori Liu 2015-06-29