1. The term “spot market” or “spot rate” refers to the market for transportation services. This is where freight shipments are arranged on a one-time basis and not as part of a long-term contract or agreement. In the spot market, shippers and freight brokers negotiate with carriers for transportation services for a specific shipment, often based on current market rates and capacity. The spot market is used when there is a sudden or unexpected increase in demand for shipping services or when regular contract arrangements are not available.

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