The freight rate solutions provider Catapult International said this week it has added capability to auto rate based on Incoterms.
Incoterms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) widely used in international commercial transactions or procurement processes.
Incoterms help importers and exporters avoid costly misunderstandings by defining the responsibilities of sellers and buyers for the delivery of goods, which are regularly incorporated into sales contracts worldwide.
Catapult said importer, exporter and freight forwarder clients can now retrieve their ocean and air rates and apply, which Incoterm said it wants to provide their customers at no extra charge.
"As part of our blueprint to expanding globally, it is essential that Incoterms be implemented into our global rating and quoting platform, Catapult QMS," said David Luttrell, Catapult chief information officer. “Shippers and consignees want clear communication on who pays for which part of the transportation transaction.”
“When we deal with international freight movements, Incoterms becomes a sticky situation if the terms are not ironed out beforehand,” said Chris Brennan, corporate line manager at Hellmann Worldwide Logistics. “Catapult’s rating system removes the guesswork of which freight charge is pre-paid and which one is collect based on the Incoterms selection.”