A “benchmark” is a visible, transparent “index” that can be used as a cost basis in a contract for services. Rather than have the parties haggle and spend time negotiating the cost in an agreement, both parties in a contract can agree to use a a benchmark as a transparent, fair, and visible cost basis. As the market evolves, the FreightWaves National Truckload Index (NTI) can be used as a trusted benchmark. NTI can be used by all segments of the industry: Shippers can spend less time negotiating lane rate values with counterparties by using the NTI as a cost index in a shipping agreement. With an indexed shipping contract, shippers would not overpay in soft markets and let them maintain higher service levels in tight markets. 3PLs/brokers can embrace the NTI as a universal “benchmark” that is adopted by carriers and shippers as a fair way to agree on a per lane cost. For 3PLs/brokers, taking less time conducting back and forth negotiations on the phone lets them work on covering more loads and moving their customers’ freight. Carriers can suggest to counterparties that they agree to use the daily NTI as the per lane cost benchmark in shipping agreements. This is an excellent way to build trust and confidence with shippers – especially those that are unfamiliar with individual lane pricing, or don’t want to spend time negotiating with carriers.