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An electronic bill of lading (or eB/L) is the legal and functional equivalent of a paper bill of lading. [27] An electronic bill of lading must replicate the core functions of a paper bill of lading, [28] namely its functions as a receipt, as evidence of or containing the contract of carriage and as a document of title. [citation needed]
Companies handling domestic freight in the United States by road must be registered with the U.S. Department of Transportation's Federal Motor Carrier Safety Administration. [26] Such forwarders are "carriers" who accept freight for transport and are liable for delivering the freight under their own bill of lading. [27]
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]
A consignor, exporter, or seller (who may or may not be the same) named in the bill of lading as the party responsible for initiating a shipment. [19] Terminal A dock or hub where freight originates, terminates, or is handled in the transportation process; or a location where motor carriers maintain operating facilities. [10] Tractor
In general, a bill of lading serves as a legal instrument focusing on and documenting such issues as ownership, whereas a cargo manifest is often more concerned with physical aspects of the cargo, such as weight and size. When the cargo is being shipped by several different shipping companies on the same vessel, there will usually be separate ...
In order to obtain a license to broker freight, a freight brokerage must purchase a surety bond or trust agreement with the Federal Motor Carrier Safety Administration (FMCSA). [3] Prior to June 2012 when the bill was signed by President Obama, the surety bond coverage required to hold a broker license was $10,000.
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