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All Sales Final - no refunds, merchandise
credits or exchanges are accepted.
As Is - When a property is sold as is, the seller does not warrant
or guarantee that the property is free of defects. The buyer accepts the property in its present condition, without modification.
May or may not be functional and has no associated warranty
Bill of Lading- A contract between a shipper
and carrier listing the terms for moving freight between specified points.
Blind shipment - Refers
to a load or pallet that is un-manifested or or has no written inventory of contained merchandised, nor do they have a manifest
Bulk
- Items that are sold in large quantities. When buying in bulk most of the time you will receive a significant discount. Make
sure to inquire.
Case lot - Products packaged and sold by a predetermined quantity from the manufacturer.
Closeouts
- Merchandise that is being sold below the original wholesale cost.
Discontinued - This category of
product is most commonly found in electronics, automotive parts, and appliances. New models are manufactured with updated
technology or features. The old or past models therefore become discontinued. Discontinued products can be purchased for very
little cost and will contain little or no damage.
Drop shipping - A method of selling where the retailer
does not stock goods, but instead takes customer orders and sends them to a wholesaler, who in turn ships out the orders.
Factory
Overruns - The manufacturer created to much inventory, which resulted in excess inventory.
Overstock
- Stock that was left over after a selling season.
FOB - "Freight On Board" This refers to the location
of the merchandise being represented and shipped from.
Gaylord Box - Corrugated cardboard shipping and storage boxes
that are typically open to approximately 48″ x 48″ 48″ and are used on pallets for shipping large quantities
of smaller items
HBA - Health & Beauty Aids. Can encompass several types of merchandise including:
cosmetics, personal hygiene items and over the counter drugs (OTC)
IMASD - Internet Marketing Association
of Surplus Dealers (Surplus.net). The site links Surplus and Closeout Companies from around the world. Users can search by
relevant term to access merchandise currently for sale or wanted. Each IMASD member maintains a web page displaying merchandise
available. Referred to as "Hot Sheet". IMASD is an advertising network.
Less-Than-Truckload (LTL)
- Carriers are trucking companies that combine smaller shipments from multiple companies on the same truck and make multiple
deliveries. These goods move through a network of terminals on route to their final destination. At each terminal, the shipment
may be taken off one truck and transferred to another that is loaded with goods destined for the same region. LTL is used
by companies without the volume to move full truckloads.
Lift-gate service - When the shipping or
receiving address does not have a loading dock, manual loading or unloading is necessary. A lift gate is a platform at the
back of certain trucks that can raise and lower a shipment from the ground to the truck. Additional fees apply for this service.
Liquidation
Products - Products that were sold at a discount (many times less than the production cost) in order to turn slow-moving
or stagnant inventory into cash.
Manifest - term used for a written inventory of goods in question.
A manifest can list the following information; Item model numbers, quantity of items, wholesale value & retail value of
individual items. A manifest usually does not list actual item conditions. Manifests can be emailed or faxed if they are available...ask
when you call your liquidator.
NWT - Acronym for "New with Tags". Refers to an item having the original
Retailers price tags
Pallet - Wood or plastic flat transport structure that supports goods in a stable
fashion while in transit. A pallet also allows for ease of product movement in a warehouse setting by the use of a forklift
or pallet jack. Pallets are sometimes referred to as a "Skid". A standard wooden pallet is 40″ by 48″
Pre-pack
- Assorted merchandise with pre-determined colors, styles and/or sizes. Typically will refer to apparel.
Refurbished
or Reconditioned Products - Products that have been used, but have been restored to full working condition. However,
they may or may not come in original packaging or include instructions and accessories.
Residential Delivery
- If you do not have a commercial location that actually opens and closes at set times each day within a commercially zoned
area, you will be considered a residence and extra fees will apply for pickup and delivery.
Customer Return
- Merchandise that has been purchased at a retail level and then returned to the original store for various reasons. Some
returns are defective, broken or simply returned for no apparent reason at all. A consumer might return merchandise because
it was bought in haste or by impulse. In this scenario if the original packaging is not intact or missing a component the
retailer will deem it salvaged. Defective or broken merchandise is a tricky area, often products can be repaired if you have
the skill required.
Retail - Price set for items sold to the general public. The last mark-up in the
cost to bring an item to a particular consumer store. Please note, many items will have a suggested retail price set by a
manufacturer. This price does in no way constitute a products' value as "suggested retail prices" are often overlooked by
retailers and priced according to market and/or trends.
Seasonal Product - items such as Christmas
or Halloween decorations that are heavily discounted right after the season ends
Shelf Pull Merchandise
- Products that were previously on the shelf in a retail store but were never sold. They may have multiple price tags/stickers
on the packaging or they may have been display models showing use and missing parts.
Skid - See definition
of a Pallet
Stock Lot - Term used to describe multiples of the same items. Example: a Stock lot of
apparel would be one garment in various sizes (Same style). Ask for clarification when inquiring.
Truckload
- A standard 53′ truck will hold 24-26 pallets single stacked. There is 450 square feet on the floor of the truckload.
Some pallets can be double stacked thereby allowing twice as much (48-50 Pallets)
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