When you’re an owner operator, a dispatcher for a trucking company, or if you’re planning on getting a new mc authority, the first step to moving a load involves getting a signed rate confirmation. But if you have never dealt with this aspect of the business, or if you are new to the industry all together, hearing talk about a rate confirmation getting thrown around might get overwhelming. We’ll discuss and break it down in simple terms so you can learn everything there is to know.
What Is A Rate Confirmation?
A rate confirmation is a document that is given to a carrier by a freight broker or direct shipper that lists all pertinent information related to a load that you will be hauling on their behalf. It is the first, and most important step part of the load booking process.
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What Information do They Contain?
Each and every one that you come across will look slightly different, but the general information that they contain remains the same. They will always include:
- The Broker’s or Shipper’s name and contact information
- A unique load number
- The load pickup address, date, and time
- The consignee address, delivery date, and time
- A general description of the cargo
- A negotiated rate that you will haul the load for
If there are multiple pickup or delivery locations, they should each be listed on the document. Any additional fees or accessorial should also be listed.
What Are They For?
A rate confirmation is a document that legally binds you to haul a load for the specified price once signed. They serve as a simple way to verify that all information, and prices, are correct. Whatever price is listed is what you will get paid for the load. If you are planning on factoring your freight bills, you’ll need to retain an extra copy to send to your factor.
How Are they Transmitted?
Usually, your freight broker or shipper will fax or email a copy of the rate confirmation directly to you. In most cases, you’ll have no more than a couple hours to verify the information is correct, and return a signed copy. The entire process usually takes no more than fifteen minutes.
Blank Rate Confirmation Template
If you’re looking for a blank rate confirmation template, you’re in luck! We’ve created this rate confirmation pdf file that you can download for free.