Logistics Terminology
Select a letter from the alphabet below to view a breakdown of the logistics terminology you may encounter when dealing with Woodland.
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W.M. (W/M)
Abbreviation for "Weight or Measurement;" the basis for assessing freight charges. Also known as "worm." The rate charged under W/M will be whichever produces the highest revenue between the weight of the shipment and the measure of the shipment.
York-Antwerp Rules of 1974
Established the standard basis for adjusting general average and stated the rules for adjusting claims.
War Risk
Insurance coverage for loss of goods resulting from any act of war.
Waybill (WB)
A document prepared by a transportation line at the point of a shipment; shows the point of the origin, destination, route, consignor, consignee, description of shipment and amount charged for the transportation service. It is forwarded with the shipment or sent by mail to the agent at the transfer point or waybill destination.
Abbreviation is WB. Unlike a bill of lading, a waybill is NOT a document of title.
Without Recourse
A phrase preceding the signature of a drawer or endorser of a negotiable instrument; signifies that the instrument is passed onto subsequent holders without any liability to the endorser in the event of nonpayment or nondelivery.
