A spot rate is a one-off price for a single shipment at current market rates, as opposed to a contract rate agreed for a period. Spot quotes are short-lived, often valid for days, not weeks.
Because spot rates move quickly, speed matters: the forwarder who replies first with a clear, complete quote usually wins the booking.
State the validity as an end date and the transit estimate, and keep spot buy rates current in your rate sheet so quotes don't go out on last week's numbers.
More: How long a freight quote should be valid, Freight rate management by email.
Contract rates are agreed for a period, often 3 to 12 months, for an expected volume. Spot rates are priced per shipment at today's market, usually valid for days or weeks. Most small and mid-sized forwarders quote mainly on spot rates from carriers and co-loaders.
See spot rate request automation.
Laneworks answers quote requests from your own rate sheet in about two minutes, or sends them automatically. Forward a real request to try@getlaneworks.com to see it on your own work.