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3PL and 4PL Logistics in Shipping and Freight Industry

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3PL and 4PL Logistics in Shipping and Freight Industry

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Questions and Answers

What is the function of an ATA Carnet?

To consolidate goods from multiple suppliers for a single customer

To act as a passport for duty and tax-free import of goods (correct)

To calculate bunker adjustment factor based on oil prices

To certify the country where the goods originated

What is the purpose of a Bill of Lading (B/L or BOL)?

To store bonded goods in warehouses

To calculate commercial invoice charges

To certify the country where the goods originated

To show ownership of the goods and release them to the recipient upon final payment (correct)

What are bonded goods?

Goods that are transported across sea, air, or land

Goods that can be imported duty and tax-free

Goods consolidated from multiple suppliers for a single customer

Goods stored under customs supervision in bonded warehouses until duties are paid (correct)

What does a Carrier Owned Container (COC) signify?

Ownership of the shipping container by the carrier Signup and view all the answers

What does the Bunker Adjustment Factor (BAF) aim to offset?

The fluctuating oil prices Signup and view all the answers

When are Certificate of Origins usually needed?

To certify the country where the goods originated and lower import duties Signup and view all the answers

What is the main difference between 3rd Party Logistics (3PL) and 4th Party Logistics (4PL)?

4PL involves outsourcing the entire supply chain management, while 3PL does not. Signup and view all the answers

What is the significance of Actual Time of Arrival (ATA) in the shipping industry?

ATA usually refers to the Port of Discharge arrival date. Signup and view all the answers

What does AEO Accreditation signify in the context of international supply chain?

It demonstrates high compliance with regulations and security in the international supply chain. Signup and view all the answers

What does All Risks Insurance cover in transportation of goods?

It covers all risks associated with transportation, including accidents, loss, and damage. Signup and view all the answers

Which statement accurately describes 3rd Party Logistics (3PL)?

3PL includes warehousing, terminal operations, and customs brokerage if required. Signup and view all the answers

Why is it essential to know the Actual Time of Departure (ATD) in shipping?

It helps understand when goods departed from the Port of Discharge. Signup and view all the answers