Final answer:
The initial step in processing a broker-carrier contract is drafting the contract, setting the foundation for further review, negotiation, and final signing.
Step-by-step explanation:
The first step in processing a broker-carrier contract is drafting the contract. This step involves preparing the initial version of the contract that outlines the basic terms and conditions of the relationship between the broker and the carrier. Only after the contract is drafted do you move on to reviewing the contract, negotiating the terms, and eventually signing the finalized agreement. This step involves discussing and finalizing the agreed-upon terms between the broker and carrier, such as the rates, services, responsibilities, and any additional provisions that need to be included in the contract. It is similar to job offers whereby the offer is an initial draft, which may be followed by negotiating salary or other employment contract terms before acceptance.