Terms used in international trade business such as Nuclear suppliers group,Ocean bill of lading,Offset,On a bill of lading,On Consignment

 

Terms used in international trade business such as Nuclear suppliers group,Ocean bill of lading,Offset,On a bill of lading,On Consignment etc.

 

This post explains about terms used in international trade business such as Notify party,Nuclear suppliers group,Ocean bill of lading,Offset,On a bill of lading,On Consignment 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 international trade business

 

Notify party - Name and address appear in a bill of lading, who is to be notified by the shipping company of the arrival of goods at the discharge port. There is normally a box on the bill of lading where the details of the notify party are inserted.

 

Notify party: the party who is to be notified when goods arrive at their destination.

 

Notional amount:The value or quantity of the currency or other asset that is being delivered or used to calculate payments due on a contract.

 

Terms used in international trade business such as Nuclear suppliers group,NPC:National Ports Council

 

NR:No Risk Until Confirmed /Nett Register

 

NRAD : No Risk After Discharge

 

NRT:Nett Registered Tonnage

 

NS:Nerdlandse Spoorwegen (Dutch Railways)

 

NSG - See Nuclear suppliers group.

 

NSPF:Not Specially Provided For

 

NTBs:Non-Tariff Barriers

 

Nuclear suppliers group (NSG) - Organization of nuclear supplier nations, which coordinates exports of nuclear materials and equipment with the International Atomic Energy Agency (IAEA) inspectorate regime. The reason for creating the NSG was to allow member states some flexibility in controlling items to non-nuclear weapons states. The NSG's independence from the NPT enables NSG to enlist the cooperation of supplier states that are not signatories to the NPT and thus not involved in the nuclear export control activities of the Zangger Committee. It requires the imposition of safeguards on exports of nuclear technology in addition to nuclear materials and equipment. The NSG developed a multilateral list for national adoption of export controls on dual-use commodities with a nuclear application.

 

NV:Dutch Term for Incorporated

 

NVOCC - See Non-vessel-operating common carrier.

 

NYPLR:New York Prime Lending Rate

 

O/A - See Open account.

 

O/A:On Account Of

 

O/C:Open Cover / Open Charter

 

O/c:Overcharge / Ocean Bill of Lading

 

O/d:On Demand / Overdrawn

 

O/N - Order notify.

 

O/o - Order of.

 

O/R:Owner's Risk

 

OAS:Organisation for American States

 

OAU:Organisation of African Unity

 

OBL - Original bill of lading.

 

OBOs:Oil/Bulk/Ore Carriers

 

Ocean bill of lading (B/L) - Receipt for the cargo and a contract for transportation between a shipper and the ocean carrier. It may also be used as an instrument of ownership which can be bought, sold, or traded while the goods are in transit. To be used in this manner, it must be a negotiable "Order" Bill-of-Lading. A Clean Bill-of-Lading is issued when the shipment is received in good order. If damaged or a shortage is noted, a clean bill-of-lading will not be issued. An On Board Bill-of-Lading certifies that the cargo has been placed aboard the named vessel and is signed by the master of the vessel or his representative. On letter of credit transactions, an On Board Bill-of-Lading is usually necessary for the shipper to obtain payment from the bank. When all Bills-of-Lading are processed a ship's manifest is prepared by the steamship line. This summarizes all cargo aboard the vessel by port of loading and discharge. An Inland Bill-of-Lading (a waybill on rail or the "pro forma" bill-of-lading in trucking) is used to document the transportation of the goods between the port and the point of origin or destination. It should contain information such as marks, numbers, steamship line, and similar information to match with a dock receipt.

 

Ocean Bill of Lading (cont.): The shippers order is used with draft or letter-of-credit shipments and enables the bank involved in the export transaction to take title to the goods if the buyer defaults. The bank does not release title to the goods to the buyer until payment is received. The bank does not release funds to the exporter until conditions of sale have been satisfied.

 

OCEAN BILL OF LADING:A contract between an exporter and an international carrier for transportation of goods to a specified foreign port. Unlike an inland bill of lading, the ocean bill of lading is a collection document, an instrument of ownership which can be bought, sold or traded while the goods are being shipped. There are two types of ocean bills of lading used to transfer ownership:

 

OCN:Out-of-Charge Notice

 

OCP - See Overland common point.

 

OECD : Organisation for Economic Co-operation & Development

 

OECD: Organization for Economic Co-operation and Development. Paris-based organization of industrialized countries responsible for study of and co-operation on broad range of economic, trade, scientific and educational issues.

 

Offset - Type of countertrade transaction. In an offset contract, which may be required by importers’ governments as a condition for approval of major sales agreements, the exporter makes an additional agreement to buy goods and services from the importer’s country. In a “direct offset” transaction, an exporter may be required to establish manufacturing facilities in the importing company or to use a specific percentage of the components in the product sold from the importer’s country. In an indirect offset, an exporter may be obliged to buy goods or services from the importing country without any link to the product sold. See Countertrade.

 

OGL: Open General Licence

 

OJEC : Official Journal of the European Communities

 

ON : Official Number / On Board Bill of Lading : A bill of lading in which a carrier certifies that goods have been placed on board a certain vessel

 

On a bill of lading: 'order' or 'to order' transfers or assigns title to the goods to another party.

 

On boar bill of lading: A bill aof lading inwhich a carrier certifies that goods have been placed on board a certain vessel.

 

On Consignment : Delivery of goods from an exporter (the consignor) to an agent (the consignee) with the agreement that the agent sells the good for the exporter at an agreed price or at the best possible price. The consignor retains ownership of the goods until the consignee has sold them. The consignee sells the goods for commission and remits the net proceeds to the consignor in a final settlement. This is often known as a consignment account

 

On deck cargo - Cargo which must be shipped on the deck of the vessel.

 

On-carriage - Inland freight movement and cost on the buyer’s side.

 

OP - Open policy.

 

OP: Open or Floating Cargo Policy

 

The above details describes about terms called in international trade business such as Notify party,Nuclear suppliers group,Ocean bill of lading,Offset,On a bill of lading,On Consignment etc. These phrases may help importers and exporters on their day to day export import business activities. The readers can also add more information about terms used in international business trade below this post.Terms used in international trade business such as Negotiation,Net Weight,Net Cost,Non Tariff Barriers,Non-negotiable,NON-TARIFF BARRIERS

Related posts about free online training on export and import business:

 

 

STALE BILL OF LADING What does it mean?   Difference between Clean On Board Bill of Lading and Shipped On Board Bill of Lading.   Can Original Bill of lading be surrendered under DP terms of payment  Can Original Bill of lading be surrendered under LC at sight   Can Bill of Lading be surrendered on LC terms   How to obtain a duplicate BL, if original bill of lading lost?  Can a Bill of Lading be consigned to a customs broker?   Can I get bill of lading before loading cargo   Can two consignments meant for one buyer be shipped together under one Bill of Lading?    Consignee To Order in Bill of Lading    How to avoid delay in receiving OBL Original Bill of Lading?   Amendment of Bill of Lading    How to amend shipper details in Bill of Lading?.   How to surrender HBL House Bill of Lading   Surrender of Bill of Lading Some facts How does Bill of Lading work in Sight LC.   How does Bill of Lading work in DP payment terms?   Can a Bill of Lading (BL) be predated for LC negotiation?   What is the earliest date can be mentioned on Bill of Lading. Can BL date and let export date be same day?   Can shipping line predate Bill of Lading,What is the earliest date can be mentioned on Bill of Lading.    What is Said to weigh in Bill of Lading   What is Shipper Load, stow and count in Bill of Lading    What is said to contain in Bill of Lading.   Can an importer take delivery of goods without original bill of lading?  What is House BL House Bill of Lading   Can Bill of Lading (BL) be before date of Certificate of origin GSP?   What is Express Release Bill of Lading?  Can Bill of Lading be surrendered at port of loading?    Transferability of Bill of Lading  What is charter party bill of lading ?   How  transshipment bill of lading works?   What is Combined Bill of Lading / Multi model Bill of Lading   Unclean Bill of Lading/Claused bill of lading/foul bill of lading/Dirty Bill of Lading   What is Clean on board Bill of Lading?  Is received for shipment Bill of Lading sufficient for LC negotiation?  Different types of Bill of Lading   3 Reasons under Importance of bill of lading in international trade   When can an exporter get bill of lading from shipping company?   

How to import your product?
Click here to know HS code of your product
What is the ITC code (Indian Tariff Code) of your product?
Dispute settlement in international business
Export Promotion Councils and Commodity Boards, product wise
Foreign Trade Agreements of India
MEIS scheme for Indian Exporters
Export Promotion Council (EPC) and Commodity Boards
List of items and their Crime Controlled ECCNs number, US Department
Conversion of EP copy of shipping bill from one Scheme to another
What is Rummaging
How does First Appraisement system of import customs clearance procedures work?
How does Letter of Credit work?
How does STP units work in India?
How does TT (Telegraphic Transfer) work?
How does Wire transfer work in international business?
Sea carriers
sea exports
SEZ benefits
Shipping lines worldwide



Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers