Open Rate

Summary of Open Rate

A freight rate that is not set by a Conference (read this legal term for further details) and is therefore negotiable. An open rate may result from the absence of a conference rate agreement, or similar rate-setting scheme over a given trade route, or the failure of conference members to agree on a rate for a specific commodity, leaving the matter to the individual member carriers to decide on a case-by-case basis.

(Main Author: William J. Miller)