(Freight) Spot Bidding

The process of inviting carriers to bid on a specific shipment. Often applicable for one-off shipments that require handling outside of regular contracts, which means that there is no price available and/or yet quoted for that shipment. Although many shippers have contracts and rate cards in place, there is often still a need to have the flexibility to make use of the spot market. A spot bid sale is a sale where immediately following the offering of the item or lot of property, bids are examined, and awards are made or bids rejected on the spot. Through spot bidding, shippers can easily request the price for such a shipment from new and/or existing business partners / carriers.

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