Terms used in freight forwarding such as Multimodal Transport,Network Planning,Network Optimization,Neutral Body,Nonconformity etc.
This post explains about terms used in freight forwarding such as Multimodal Transport Document ,Multimodal Transport,Network Planning,Network Optimization,Neutral Body,Nonconformity,Non-Vessel-Owning Common Carrier,No Commercial Value etc. These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.
Terms used in freight forwarding
MT - Abbreviation for Metric Ton.
Multimodal Transport Document:Negotiable or non-negotiable document evidencing a contract for the performance and/or procurement of performance of combined transport of goods. Thus a combined transport document is a document issued by a Carrier who contracts as a principal with the Merchant to effect a combined transport often on a door-to-door basis.
Multimodal Transport Operator/Carrier: MTO/Carrier The person on whose behalf the transport document or any document evidencing a contract of multimodal carriage of goods is issued and who is responsible for the carriage of goods pursuant to the contract of carriage.
Multimodal Transport:The carriage of goods (containers) by at least two different modes of transport.
Multi-modal:See "intermodal"
Mutatis Mutandis (Latin)- With the necessary changes
MVC: Minimum Volume Commitment is a an amount of space or freight a shipper agrees to ship with another carrier to maintain a preferential rate
N.R.A.D -no risk after discharge
N.R.A.S. no risk after shipment
N.V.O.C.: Non-Vessel Owning Carrier.
N.V.O.C.C.: Non-Vessel Operating Common Carrier. - A cargo consolidator in ocean trades who will buy space from a carrier and sub-sell it to smaller shippers. The NVOCC issues bills of lading, publishes tariffs and otherwise conducts itself as an ocean common carrier, except that it will not provide the actual ocean or intermodal service.
N/:Notify Party.
NAFTA - North American Free Trade Agreement. This agreement allows reduced or no duties on products which are determined to be originating goods of the U.S., Canada or Mexico.
NAMED PERILS POLICY:Any marine policy limiting coverage to perils specifically listed in the policy; opposed to All Risks policy. See "All Risks."
National Carrier: A for-hire certificated air carrier that has annual operating revenues of $75 million to $1 billion; the carrier usually operates between major population centers and areas of lesser population.
NAUTICAL MILE: Distance equal to 6,411 feet.
NCV (No Commercial Value):Shipments declared as having no commercial value but having a value for Customs. Best example would be business documents.
Negotiable B/L - Original Bill of Lading endorsed by shipper that is used for negotiating documents with bank.
Net Weight - The weight of the commodity only.
NET WEIGHT - The weight of the goods themselves, excluding packaging.
Nett Weight:The weight, or mass, of the goods themselves without any packaging.
Network Optimization: A process or methodology to make a network as fully perfect, functional, effective or efficient as possible. The use of mathematics may be involved to find the best solution.
Network Planning: An inventory distribution or transportation planning strategy which attempts to optimize the time/cost of travel or cost of holding inventory across multiple sites.
NEUTRAL AWB: A standard AWB with no identification of issuing carrier. Used by some freight forwarders in place of a TBAC pro. Also referred to as a Universal AWB.
Neutral Body - Neutral party used to police the practices of members of the conference.
Next Flight Out: An expedited method for transporting time-critical shipments by air. Shipments sent by NFO will be on the next flight leaving your city.
NMB :National Maritime Board
Node: A fixed point in a firm's logistics system where goods come to rest; includes plants, warehouses, supply sources, and markets.
Non Conference Carrier - An independent ocean carrier who does not belong to any group or conference of ocean carriers and who establishes their own pricing and policies.
Non Negotiable B/L - Copy of original Bill of Lading which cannot be negotiated with bank.
Non Vessel Operating Common Carrier: NVOCC A party who undertakes to carry goods and issues in his own name a Bill of Lading for such carriage, without having the availability of any own means of transport.
Non-Compliance: Failure or refusal to do as requested by higher authority or as prescribed by a set of rules that describe correct procedure to follow (i.e., rules on hazardous waste disposal).
NON-CONFERENCE LINE: Shipping line which operates on a route served by a liner conference but which is not a member of that conference. Also referred to as an independent line or an outsider.
Non-Conference Rate:Rates which are assessed by those lines that do not belong to a particular conference. Rates can be approximately 10% lower than conference rates.
Nonconformity: A quality management event that captures the failure to meet specified inspection or testing requirements.
Non-Durable goods: Goods whose service life is considered to be less than three years.
Non-Dutiable:Those goods which are exempt from duty as per each nation's Customs regulation.
NON-NEGOTIABLE BILL OF LADING: Bill of lading which is not a signed "Original Bill of Lading " and which is therefore not capable of being used to transfer little in the goods described in it.
Non-negotiable Bill of Lading:Copy of original bill of lading which cannot be negotiated with banks
Non-Vessel Operating Common Carrier (NVOCC) - A cargo consolidator in ocean trades who will buy large space from a carrier and sell it to smaller shippers. The NVOCC issues bills of lading, publishes tariffs and otherwise conducts itself as an ocean common carrier, except that it will not provide the actual ocean or intermodal service.
Non-Vessel-Owning Common Carrier (NVOCC): A firm that offers the same services as an ocean carrier, but which does not own or operate a vessel. NVOCCs usually act as consolidators, accepting small shipments (LCL) and consolidating them into full container loads. They also consolidate and disperse international containers that originate at or are bound for inland ports. They then act as a shipper, tendering the containers to ocean common carriers. They are required to file tariffs with the Federal Maritime Commission and are subject to the same laws and statutes that apply to primary common carriers.
NOR- Non-Operating Refrigerated Container.
North American Free Trade Agreement (NAFTA): A free trade agreement, implemented January 1, 1994, between Canada, the United States and Mexico. It includes measures for the elimination of tariffs and non-tariff barriers to trade, as well as many more specific provisions concerning the conduct of trade and investment that reduce the scope for government intervention in managing trade.
NOS - Not Otherwise Specified.
The above details describes about terms called in freight forwarding such as Multimodal Transport Document ,Multimodal Transport,Network Planning,Network Optimization,Neutral Body,Nonconformity,Non-Vessel-Owning Common Carrier,No Commercial Value etc. These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in freight forwarding trade below this post.
Terms used in freight forwarding such as Master Air Waybill,Master Bill Of Lading,Material Circumstance,Medical First Aid Guide,Metric ton,Minimum Bill of Lading
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