Contract Rate
Summary of Contract Rate
In the steamship industry, the freight rate applicable to goods shipped by a firm that has executed an exclusive patronage contract (read this and related legal terms for further details) with a Conference (read this legal term for further details). In return for executing such a contract, whereby the shipper agrees to transport his goods only on the vessels of a given conference, the carriers extend to the shipper a preferential freight rate.
(Main Author: William J. Miller)
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