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Freight Broker Bond
A freight broker bond must be obtained by freight brokers and freight forwarders in the United States in order to obtain or renew their license. In the United States, freight broker surety bonds are required by the Federal Motor Carrier Safety Administration (FMCSA) to move property such as household goods or freight and motor cargo (vehicles). Their role is to guarantee that freight brokers and auto transport brokers will operate according to their agreements with shippers and motor carriers. If a freight broker or auto transport broker does not comply with their contract, the carrier or the shipper may file a claim. The three parties to the agreement are: * Principal: the freight broker / auto transport broker * Obligee: the party requiring the bond (FMCSA) * Surety: the surety company A freight broker bond is also known as a BMC-84 surety bond, trucking surety bond, transportation broker surety bond, or property broker bond. FMCSA uses the term "property broker" instead of f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Freight Broker
A freight broker is an intermediary between a shipper and a freight service provider. Freight brokers can specialize in certain types of freight, such as equipment hauling on lowboys, oversize, bulk tanker, auto, or other types of freight transportation. A freight broker in the United States must be licensed by thFederal Motor Carrier Safety Administration (FMCSA) A freight broker, in freight transport (cargo), over land in the United States by truck is often used as part of the logistics. This may be part of an overall shipbroking using a cargo broker, a freight forwarder, third party logistics broker (3PL), and even a fourth-party broker, when outsourcing is needed (as opposed to in-house) for freight transportation. The brokering can be single mode or by multimodal transportation and can use specialized brokers on a permanent basis or as needed to ensure timely traffic management. A load may be posted on a truck load board by shippers, brokers, or agents. This may occur w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |