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Freight futures contracts settle over the average price of spot freight during the corresponding month. Given freight is intangible, there is no physical delivery. Rather, the contracts settle in cash against the arithmetic average price of spot freight published by the Baltic Exchange. The Baltic Exchange, on a daily basis, publishes a number ...
Known as a Freight Broker Bond, it exists to primarily serve as an insurance policy for motor carriers , in the event that a freight broker fails to remit payment to a carrier when required to do so by a load contract. A motor carrier can "file" against a broker's surety bond if a broker fails to honor the payment terms of a contract.
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 ...
Swift Transportation is a Phoenix, Arizona-based American truckload motor shipping carrier, part of Knight-Swift. With over 23,000 trucks, it is the largest common carrier in the United States. [2] In 2017, Swift merged with Knight Transportation, also of Phoenix. [3]
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Its purpose is to connect larger carriers to other modes of transport or other carriers. [1] Those companies may be jointly owned by several major carriers, as are the Kansas City Terminal Railway, Belt Railway of Chicago, Terminal Railroad Association of St. Louis, Galveston Railroad, and Conrail Shared Assets Operations.