Glossary of Terms for Liquidation and Salvage Merchandise
Accessorial. Any shipping service that is not considered "standard procedure" will require additional fees and is referred to as an accessorial service or fee. These are all examples of accessorial services:
- Inside delivery (residential or commercial)
- Liftgate service
- Construction site delivery
- Delivery appointment
Bank Wire. Electronic transfer of money from one bank to another.
Bill of Lading (BL). Numeric identification assigned to a category of salvage merchandise as the product is scanned.
Closeout. Remaining inventory from a purchase. There are not enough of the items left to continue to market them and tie up shelf space.
Commercial. Indicates whether or not the receiving location is a commercial site.
Construction Site. Indicates whether or not the receiving location is a construction site.
Delivery Appointment. Indicates whether or not delivery appointment is required at the receiving location.
Discontinued. Model, size, color or type that is no longer made. Applies to most product categories, including electronics and apparel.
Edit Shipping. To cancel a shipment request where:
- We have not received payment
- 24 hours have not passed since shipment creation
Facility. Location where the salvage merchandise is stored.
Force Majeure. GENCO shall not be liable for any delay in or the impairment of performance resulting in whole or in part by Acts of God, labor disruptions, shortages, inability to produce product, supplies of raw material, weather conditions, war or any other circumstances or causes beyond the control of GENCO in the conduct of its business.
Freight on Board (F.O.B.). Purchaser is responsible for all transportation cost from origin to the destination.
Inside delivery. The driver is required to go inside (beyond the front door or loading dock) to pick up or deliver a load instead of remaining on the dock or in his truck. Additional fees are assessed.
Liftgate service. When the shipping or receiving address does not have a loading dock, manual loading or unloading is necessary. A liftgate 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.
Location. Address of facility where product is offered for sale.
Locations (LOCS). Term used for pallets.
National Branded Product (N). Product that is not manufactured or specifically sold at a single retail store. National brands are products like GE, Whirlpool, Sony, Panasonic, etc.
Overstock. Retailer or manufacturer excess inventory. This product has been returned because it did not sell. In many cases, this salvage merchandise has never seen the retail shelves.
Pallet. A portable platform used for storing or moving cargo or freight.
Private Code. A code used to differentiate between national branded product and private label product.
Private Label (Y). Product that is manufactured and sold at a single retail organization. The brand name is identified with a specific organization.
Raw Returns. Retail store returns pallets that have not been sorted, tested, or worked in any way. The product condition of raw returns varies greatly.
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.
Risk of Loss. Title and risk of loss to any merchandise passes to the consumer upon GENCO's tender of shipment to the carrier at GENCO's warehouse. Consignee must file claims for damage in transit with carrier.
Salvage Merchandise. Product that has been purchased and returned to a retailer. Product conditions of salvage merchandise range from pristine to non-repairable.
Shipping. Scheduling a truck to pick up bids you won.
Units. Total number of individual pieces contained in a bill of lading.
Wholesale Cost. The retailer’s cost for product.