telex release
What on earth is a Telex Release? It's a term
used in international shipping where the goods are
surrendered to the receiver at the discharge port
without the need to display an original Bill of Lading.
tendering
Tendering is a process where a company puts
out an invitational RFT (Request For Tender) for
products/services they require. Potential suppliers
submit their bids, in the hope of being chosen to supply
their product/service.
The process can be performed either online
(e-tendering), or the old-fashioned way of posting
tenders.
One of the benefits to tendering is that it is a
sure-fire way to ensure the contract is formed on your
terms and conditions, because the bidders would need to
accept your terms & conditions when submitting their
offers.
3PL
Third-Party Logistics, aka 3PL, is the
outsourcing of all or part of a company's supply chain
functions. Examples of outsourced functions include
warehousing, order-picking, inventory management,
freighting, packing etc.
For example, a New Zealand company that has customers
in China may wish to hold some stock nearer to their
customers. With the assistance of a 3PL provider, the
company can have stock held in a warehouse in China, and
have it dispatched upon request.
3-Way Match
A 3-Way Match is when a Purchase Order,
Supplier Invoice, & a system receipt match
up, allowing authorization of payment to the supplier.
When one or more of these requirements don't match,
it is called a mis-match, and the issue needs to be
resolved before payment can be authorized.
For example, accounts receive an invoice for 3 pumps.
The invoice details match up with the purchase order,
but the quantity showing as receipted into the system
doesn't match. Payment is not authorized for the pumps
until the quantity-mismatch is sorted.
time is of the essence clause
The 'Time is of the Essence' Clause in a contract
makes the due date of the products/services a Condition,
and therefore if there is a delay, the 'injured' party
has grounds to revoke their obligations under the
contract
total quality management
Total Quality Management (TQM) in procurement is
making sure every step of a process is correct before
continuing onto the next
transactional purchasing
Transactional Purchasing is the
administrative/processing side of purchasing, such as
raising purchase orders, receipting invoices for payment
etc, whether done manually by a purchasing officer, or
automated (eg: an online catalogue ordering/invoicing
system).
transhipment
A transhipment is the transfer of goods (under one Bill
of Lading) from one vessel to another, with the purpose
of continuing along to its destination. This is similar
in practice to a person unable to obtain a direct flight
to his/her destination, and having to swap planes along
the way.
It is also worthy to note that a direct ocean
shipment doesn't necessarily mean that the vessel goes
directly to its destination without any stops. A vessel
can stop at many ports along the way, but as long as
your goods have remained on the same vessel, this is
still classed as a direct shipment.
turnkey project
Turnkey is a term used to describe a
product/project/operation that is handed over to its
owner in a 'ready-to-use' state. For example, a turnkey
franchise would be a franchise that comes equipped with
the necessary items and resources to 'hit the ground
running', so to speak.
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