by Danya Rielly | Dec 20, 2022 | Glossary
GLOSSARY VMI: Vendor Managed Inventory Vendor Managed Inventory (VMI) is an inventory control system used by manufacturers, wholesalers and retailers that simplifies the supply chain process. It’s designed to move inventory as efficiently and cost effectively as...
by Danya Rielly | Dec 20, 2022 | Glossary
GLOSSARY TEU: Twenty Foot Equivalent Unit A Twenty foot Equivalent Unit (TEU) is a standard measure for cargo containers. This standardized size has made it possible for different box sizes to be accommodated in loading and transport processes. It was devised based on...
by Danya Rielly | Dec 19, 2022 | Glossary
GLOSSARY Straight Bill of Lading A straight bill of lading, also known as a nonnegotiable bill of lading, is a commonly used document in the shipping and freight industry. It is a contract between an exporter and a carrier that proves ownership of the goods being...
by Danya Rielly | Dec 19, 2022 | Glossary
GLOSSARY SITC: Standard International Trade Classification The Standard International Trade Classification (SITC) is an economic classification system for global merchandise trade that was developed by the United Nations statistical office. It’s an important tool used...
by Danya Rielly | Dec 19, 2022 | Glossary
GLOSSARY Shipper’s Letter of Instruction A shipper’s letter of instruction is a formal document that logistics companies use to communicate instructions regarding a shipment from one party to another. It is typically generated by the person or entity...
by Danya Rielly | Dec 19, 2022 | Glossary
GLOSSARY PO: Purchase Order What is a purchase order? Often abbreviated as PO or P.O., a purchase order is an official document that outlines the logistics of a financial transaction between a buyer and a supplier. It includes details such as the description,...
