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Similar in concept to the groupings or grading systems used in other industries, with the NMFC, commodities are grouped into one of 18 classes—from a low of class 50 to a high of class 500. [1] Classification is based on an evaluation of four transportation characteristics: density, stowability, handling and risk or liability.
The National Motor Freight Traffic Association, Inc. (NMFTA)™ is a nonprofit membership organization headquartered in Alexandria, Virginia. Since 1956, NMFTA has represented the interests of the less-than-truckload (LTL) motor carrier industry, and for-hire interstate and intrastate carriers.
Some terms may be used within other English-speaking countries, or within the freight industry in general (air, rail, ship, and manufacturing). For example, shore power is a term borrowed from shipping terminology, in which electrical power is transferred from shore to ship, instead of the ship relying upon idling its engines.
Co-brokering is a legal practice used to ensure there is an available truck to transport freight. A 4PL may use a 3PL broker to match loads with trucks, with a shippers knowledge. The primary broker will take a lesser amount of the fee and the secondary broker will book the load for transport receiving a larger share of the same fee. [7]
The only service provider which provides an integrated service to declaring entities, and is therefore the most similar in Singapore to a customs broker, is Tradenet Services Pte Ltd . TNETS is also the largest declaration service bureau processing more than 1.2 million Tradenet declarations per annum with a trade value of more than SGD100bn.
SCAC is also used to identify an ocean carrier or self-filing party, such as a freight forwarder, for the Automated Manifest System used by US Customs and Border Protection for electronic import customs clearance and for manifest transmission as per the USA's "24 Hours Rule" which requires the carrier to transmit a cargo manifest to US Customs ...
A brokerage account is a type of financial account that allows you to trade investments. With a brokerage account, you can buy and sell assets such as stocks, bonds, mutual funds, CDs and ETFs.
The Commodity Classification Standards Board (CCSB) develops and maintains National Motor Freight Classification (NMFC). The CCSB is an autonomous board of three to seven full-time employees of the National Motor Freight Traffic Association (NMFTA). The CCSB's staff includes a lawyer and a packaging consultant. [1]