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.
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
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