The Bill of Lading
Globalior
by Globalior Global Trade Specialist
1y ago
What is the Bill of Lading? A bill of lading is a legal document that serves as a receipt for goods being transported by a carrier, such as a truck, ship, or aircraft. It provides details about the shipment, including the type and quantity of goods being transported, the origin and destination of the shipment, and the names of the shipper and consignee. The bill of lading also serves as a contract between the carrier and the shipper, specifying the terms and conditions of the transportation of the goods. In international trade, a bill of lading is often used as a document of title, which means ..read more
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What is a container yard?
Globalior
by Globalior Global Trade Specialist
1y ago
A container yard (CY) is an area usually within a port where containers are stored and handled before being loaded onto or unloaded from a shipping vessel. Container yards are typically large open spaces with cranes and other handling equipment used for stacking and moving containers. Container yards can also be operated outside a port area by private entities. In a container yard, containers are typically stored in organized rows and columns, with each container assigned a specific location. Containers may be stored temporarily in the yard prior to being loaded onto a vessel for export, or af ..read more
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Risks of using DAP Incoterm
Globalior
by Globalior Global Trade Specialist
1y ago
DAP Incoterm is a term used to describe a buy-sell arrangement where goods are delivered to a specific location, also known as the “named place”. DAP is an acronym for “Delivered at Place.” Delivery methods vary depending on the type of goods being delivered and the geographic location of the named place. In other words, DAP is not a maritime-only term and can be used with all modes of transport. The DAP term was introduced into the Incoterms in 2010. Transference of risk In DAP terms, risk passes from the seller to the buyer at the named place of destination. Most of the time, this named plac ..read more
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What does consignee mean?
Globalior
by Globalior Global Trade Specialist
1y ago
When goods are traded internationally, the parties involved in the transaction must decide on the goods’ terms of sale. This can include information on the goods, the price, the date, and the location of the goods. In international trade, the consignee is the person or company who is the recipient of the goods. A consignee can be an individual or a company. Can a 3PL be the consignee? If the logistics provider agrees to act as the owner of the goods at the time of import, it can be named as the consignee. What is the opposite of a consignee? The opposite of the consignee is the consignor. In m ..read more
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What is an Abandoned Shipment in Customs?
Globalior
by Globalior Global Trade Specialist
1y ago
What is Abandonment in Customs? Abandonment is the term used to describe the act of abandoning an entire shipment with the intent of not taking the risk of the shipment being seized. If a shipment is abandoned, the shipper will refuse to take responsibility for the shipment. To put it simply, this is the opposite of “taking delivery” of a shipment. Abandonment of cargo in the port is an offense in most countries.. Types of abandonment There are several parties that can abandon shipments in Customs depending on the model of business operations. 1. Abandonment by the shipper – this can be due to ..read more
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What Is Earnings Before Interest And Tax?
Globalior
by Globalior Global Trade Specialist
1y ago
Earnings before interest and tax (EBIT) is a common measure of profitability in a given accounting period. It is the measure of an entity’s net income in a given accounting period weighted by the applicable tax liabilities during the period. What is EBIT? Earnings Before Interest and Tax (EBIT) refers to the amount of income a company receives before income tax, as well as other expenses. This is a standard measure of profitability that is widely used by the investment community. Earnings before interest and taxes is the amount of money that a business has made before paying tax on it. A busin ..read more
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Warehouse Picking Process Mistakes
Globalior
by Globalior Global Trade Specialist
2y ago
Picking mistakes can cost a business significantly in terms of productivity. This is especially true if you run an e-commerce business that sells items exclusively online. Sending the wrong item, the wrong bundle of items, the wrong color item, or the wrong size item all count as picking errors. Needless to say, reducing errors is essential. In manufacturing, small mistakes are enough to slow down entire logistics processes. Picking of wrong quantities Sometimes operators may pick items in larger or smaller quantities than indicated in the order. In large warehouses, this probability is redu ..read more
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Inventory Management Efficiency
Globalior
by Globalior Global Trade Specialist
2y ago
Inventory management is an important part of supply chain management. Inventory management can be very vaguely described as optimizing the inventory level between maximum and minimum acceptable levels for every SKU. The maximum stock is determined by the storage capacity of the warehouse and the supply requirements. The minimum stock indicates when and where a new order needs to be made. This is the reorder point. The minimum-maximum model With the minimum-maximum method, a point of supply is fixed, which, following the consumption of the goods in stock, allows the order to be fulfilled in o ..read more
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How to motivate supply chain/logistics staff?
Globalior
by Globalior Global Trade Specialist
2y ago
As with any other industry, it is important to keep staff motivated in supply chain and logistics. Motivating your employees helps create a climate of continuous improvement. Employee engagement should not be underestimated as it can have an impact on the general costs of the company. This is because it is directly linked to the commitment that each worker has in carrying out a certain activity. This in turn influences the entire performance of the warehouse. Supply chain work can be repetitive, mundane, and highly stressful. Hence it is important to keep employees excited about their work ..read more
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Optimize supply chain performance in healthcare
Globalior
by Globalior Global Trade Specialist
2y ago
Logisticians often seek to improve supply chain performance and efficiency to increase productivity and provide a better competitive advantage for their business. Optimizing the supply chain can mean many things and be done in many ways such as improving the picking processes, decreasing the processing time for shipping goods, improving inventory management, and much more. Supply chain optimization can be strategic or operational in nature. It can involve transformation change or increment improvements. Generally speaking, the intent of supply chain optimization is to improve service levels b ..read more
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