What is Outsourcing mean? Most people think outsourcing and offshoring are the same. Please know they are not the same. In simple words outsourcing is the process of hiring someone outside the company to do work on the company’s behalf. Normally the hired party is an expert on the dedicated job. A company can outsource […]
What is a Warehouse? Warehouse management is crucial in managing the logistics and supply chain of the business. A warehouse is a place where goods store temporarily until it is distributed, transferred to another location, or until used for production. Both open and closed warehouses are available to manage the demand and supply efficiently. Bonded […]
What is Inventory? Inventory is a set of materials or final products kept aside for future use or until a demand arises. Inventory has few compositions as raw materials, work in progress, finished goods, and supplies. Supplies include the requirements for maintenance or overhaul. Inventory is anything that can be stocked. Inventory management is important […]
What is Hazardous Cargo? Any substance, material, or article capable of being a risk to the vessel, personnel, or the environment is hazardous cargo, Dangerous Goods. The hazardous cargo cover under the IMDG codes, and also known as dangerous goods. IMDG has classified all the dangerous goods under a few categories based on the nature […]
Special Legal Principles Embodied in the Insurance Contract Have you gone through the insurance coverage/contract taken for your goods?. If you did you might notice some jargon in it. Here, you can understand exactly what are those jargon and use them too. keep reading to know more on Principles of Insurance 01.Insurable Interest First, you […]
What is Insurance? The insurance can define as an organisation providing the financial protections for the financial losses happens due to the fortuitous event. In another way, the loss-sharing arrangement calls as the insurance. The insurance contract takes place between the insured or the assured and the insurer or the underwriter. So the insurer is […]
What is the International Payment Term? You pay for the goods you buy from the local market. Same as that you need to pay for the goods & services you buy from the international market. One business (Buyer) from one country buys goods from a/few businesses (Supplier) from another country for the production of another […]