Operations
Rate Confirmation
The rate confirmation is the written contract between a broker and a carrier for a specific load, listing pickup, delivery, rate, and accessorials.
The rate confirmation, or 'rate con,' is the operational contract for a single load. It supersedes the broker-carrier agreement for any load-specific terms. Always read for: free time (detention threshold), accessorial schedule, fuel surcharge program, payment terms, and any layover or TONU clauses.
Signed rate cons are required by most factors before they'll advance. Many disputes (detention, layover, TONU) hinge on language buried in a rate con that the dispatcher didn't flag.
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Related terms
Operations
BOL (Bill of Lading)
A BOL is the legal contract and receipt issued by a carrier to a shipper, describing the freight being transported.
Finance
Factoring (Freight)
Factoring is selling your accounts receivable to a third party for immediate cash, typically at a 1-4% discount.
Finance
Detention
Detention is the fee a carrier charges a shipper or receiver when a truck is held past the free loading or unloading window.