Glossary

Liquidation & export glossary

The terms used on our lots, quotes and documents.

Blind B/L	A bill of lading that names V Outlet as the shipper instead of the original supplier.
CIF	Cost, Insurance and Freight. The price delivered to your named port, with insurance included. Duties and clearance are yours.
Closeout	Discontinued or end-of-season merchandise a retailer or brand is clearing.
Consolidation	Combining pallets from several lots or suppliers into one export shipment.
Customer returns	Goods returned to a retailer. Condition varies from like-new to defective.
Drayage	Trucking a container between a warehouse and the port.
FOB	Free On Board. The price at the U.S. origin; you pay freight and insurance from there.
Gaylord	A large corrugated box on a pallet, typical for mixed retail returns.
HS code	The Harmonized System number that customs uses to classify goods and set duty.
LCL	Less than Container Load. Your pallets share a container with other cargo.
Ask	Our asking price for the whole lot, in USD, FOB the U.S. origin. You can accept it or make an offer.
Manifest	An itemized list of a lot's contents, usually with UPCs, quantities and retail values.
MSRP	The retailer's selling price. A lot's MSRP is the total retail value on its manifest.
Overstock	New, unsold merchandise in excess of what a retailer needs.
Re-palletizing	Rebuilding mixed or damaged pallets so they are stable and labeled for export.
Scratch & dent	New appliances or goods with cosmetic damage that does not affect function.
Shelf pulls	Unsold goods removed from store shelves, often because of packaging changes.
Truckload	A full 53 ft trailer, typically 22–26 pallets of general merchandise.