N
NAFTA
North American Free Trade Agreement.
National Association Of Export
Companies
Companies
A nonprofit organization to act as the information provider, support clearinghouse forum,
and advocate for those involved in exporting and servicing exporters.
and advocate for those involved in exporting and servicing exporters.
National Customs Brokers And
Freight Forwarders Association
Freight Forwarders Association
(USA) A non-profit organization which serves as the trade organization of customs brokers
and international freight forwarders in the U.S.
and international freight forwarders in the U.S.
National Trade Data Bank
(NTDB)
(NTDB)
(USA) An electronic data base which contains international economic and export promotion
information supplied by 15 U.S. governmental agencies.
information supplied by 15 U.S. governmental agencies.
National
Treatment
Treatment
National treatment affords foreign individuals and firms the same competitive
opportunities, including market access, as are available to domestic parties.
opportunities, including market access, as are available to domestic parties.
Nationalization
Takeover by a government of a public or private activity.
Negotiable
Legally capable of being transferred by endorsement or delivery.
Negotiable Bill of Lading
A bill of lading transferable by endorsement by virtue of its terms which make the goods
which it covers deliverable to bearer, or to the order of a named party, or to the assigns.
which it covers deliverable to bearer, or to the order of a named party, or to the assigns.
Nested
Packed one within another; for example the way paper cups are stacked as a way of
saving space.
saving space.
Net Cash
Payment for goods sold without any deduction allowed from the price.
Net National Product
The total amount of goods and services produced in a nation in a given period of time
less the quantity of goods and services needed for its production.
less the quantity of goods and services needed for its production.
Net Price
Price after all deductions, discounts, rebates, etc have been taken.
Net Weight
The weight of goods without packaging. The weight of the contents of a package.
No Show
Freight that has been booked for shipment on a carrier, but has not physically arrived in
time to be loaded before departure of the carrier. This term is also applied to passengers
who do not arrive for a departure
time to be loaded before departure of the carrier. This term is also applied to passengers
who do not arrive for a departure
Notary Public
A person commissioned by a state for a stipulated period to administer certain oaths and
to attest and certify documents. In some countries, the authority of a notary public is much
more extensive.
to attest and certify documents. In some countries, the authority of a notary public is much
more extensive.
Notify Address
Address of the party mentioned in the transport document to which the carrier is to give
notice about the arrival of the shipment.
notice about the arrival of the shipment.
Notify Party
Name and address of a party indicated in the transport document to be notified by the
shipping company of the arrival of a shipment.
shipping company of the arrival of a shipment.
NTDB
(USA) National Trade Data Bank: A data base used as the central collection point for US
government generated export promotion information.
government generated export promotion information.
O
Ocean Bill of Lading
A receipt for the cargo and a contract for transportation issued by an ocean carrier. When
issued in negotiable form, it is also an instrument of title.
issued in negotiable form, it is also an instrument of title.
Offer
1. A proposal that is made to a certain individual or legal entity to enter into a contract, that
is definite in its terms, and that indicates the offerer's intent to be bound by an acceptance.
2. With respect to securities, the price at which one is ready to sell.
is definite in its terms, and that indicates the offerer's intent to be bound by an acceptance.
2. With respect to securities, the price at which one is ready to sell.
Office Of Export Licensing (OEL)
An agency under the Bureau of Industry and Security that administers export licenses.
Office Of Management And
Budget
Budget
An executive office of the President which evaluates, formulates and coordinates
management procedures and program objectives within and among federal departments
an agencies. It also controls the administration of the federal budget.
management procedures and program objectives within and among federal departments
an agencies. It also controls the administration of the federal budget.
Offer
1. A proposal that is made to a certain individual or legal entity to enter into a contract, that
is definite in its terms, and that indicates the offerer's intent to be bound by an acceptance.
2. With respect to securities, the price at which one is ready to sell.
is definite in its terms, and that indicates the offerer's intent to be bound by an acceptance.
2. With respect to securities, the price at which one is ready to sell.
Official Development Assistance
Official Development Assistance Financial flows to developing countries and multilateral
institutions provided by official government agencies.
institutions provided by official government agencies.
Offshore Bank
A bank located in a country other than the bank which owns it. The owning bank is usually
in a major country and the offshore bank in a smaller country.
in a major country and the offshore bank in a smaller country.
Offshore BankingCenter
A financial center where many of the financial institutions have little connection with that
country's financial system, but have located themselves there to benefit from less regulation
and/or lower taxes.
country's financial system, but have located themselves there to benefit from less regulation
and/or lower taxes.
Old-To-Market
(USA) This is a term used by the International Trade Administration to define larger scale
firms who are committed and experienced in export trade and have export sales often in
excess of 15% .
firms who are committed and experienced in export trade and have export sales often in
excess of 15% .
On Board
Notation on a bill of lading indicating that the goods have been loaded on board a named
ship.
ship.
On Deck Bill Of Lading
An ocean bill of lading containing the notation that the goods have been loaded on the
deck of the vessel.
deck of the vessel.
Open Account
Credit extended that is not supported by a note, mortgage, or other formal written evidence
of indebtedness.
of indebtedness.
Open
Conference
Conference
A shipping conference in which there are no restrictions upon membership other than
ability and willingness to serve the trade and abide by the rules of the conference.
ability and willingness to serve the trade and abide by the rules of the conference.
Open Economy
An economy free of trade restrictions.
Open-End Contract
An agreement by which the buyer may purchase an unspecified amount of goods from a
seller over a certain period of time without changes in the price or the contract terms.
seller over a certain period of time without changes in the price or the contract terms.
Operator of Foreign Trade Zone
(USA) A corporation that operates a foreign trade zone under the terms of an agreement
with a foreign trade zone grantee.
with a foreign trade zone grantee.
Order
1. A request to deliver, sell, receive or purchase goods or services.
2. An instruction, command or direction authoritatively given.
3. A designation of the person to whom a bill of exchange is to be paid, or delivery of goods
made, or a bill of lading consigned (A key word which makes a document negotiable.)
4. A rank, class or division of men.
2. An instruction, command or direction authoritatively given.
3. A designation of the person to whom a bill of exchange is to be paid, or delivery of goods
made, or a bill of lading consigned (A key word which makes a document negotiable.)
4. A rank, class or division of men.
Order Bill
A bill of lading that states that goods are consigned to the order of the person named, or
simply to order (of no one in particular.) Such a bill of lading is a negotiable document.
simply to order (of no one in particular.) Such a bill of lading is a negotiable document.
Order Notify
A bill of lading which is negotiable because it is consigned to order with no entity named;
but it does have a named party indicated to whom the carrier is expected to send a notice of
arrival.
but it does have a named party indicated to whom the carrier is expected to send a notice of
arrival.
Outright
Free from reserve or restraint; direct; positive; downright; altogether; entirely; openly.
Over the Counter
Securities trading which takes place outside the normal Security Exchanges.
Overnight
The period in which settlement is required on a transaction such as a currency trade or a
swap - on the next business day after the transaction.
swap - on the next business day after the transaction.
P
Packing List
A document listing the merchandise in a particular shipment
indicating the kind and quantity in each package.
indicating the kind and quantity in each package.
Pallet
A platform with or without sides, on which a number of packages
or pieces may be loaded to facilitate handling. Usually the pallet is
constructed so that it has space underneath it to permit lifting by
mechanical equipment.
or pieces may be loaded to facilitate handling. Usually the pallet is
constructed so that it has space underneath it to permit lifting by
mechanical equipment.
Pallet Loader
A device employing a vertical lift platform for the mechanical
loading or unloading of pallets of freight at plane side.
loading or unloading of pallets of freight at plane side.
Pallet Transporter
A vehicle for the movement of loaded pallets from one place to
another.
another.
Palletizing
The loading and securing of a number of sacks, bags, boxes or
drums on a pallet base.
drums on a pallet base.
Par
Equal. An equality between the face value of a bill of exchange,
share of stock etc., and its actual market value. If it can be sold for
more, it is above par; if for less, it is below par.
share of stock etc., and its actual market value. If it can be sold for
more, it is above par; if for less, it is below par.
Par Exchange Rate
The free market price of one country's money in terms of the
currency of another.
currency of another.
Par Of Exchange
The precise equivalency of a given sum of money of one country
with the like sum of money of another country into which it is to be
exchanged.
with the like sum of money of another country into which it is to be
exchanged.
Par Value
1.The official fixed exchange rate between two currencies or
between a currency and a specific weight of gold.
2. Par Value of a currency is its official rate of exchange.
3. Par Value of a share of stock is the value declared on its face.
4. As to a mortgage or a trust deed, it is the balance owing, without
discount.
between a currency and a specific weight of gold.
2. Par Value of a currency is its official rate of exchange.
3. Par Value of a share of stock is the value declared on its face.
4. As to a mortgage or a trust deed, it is the balance owing, without
discount.
Parent Bank
A bank in one country that has a subsidiary in another country.
Parity
1. Equality in amount or value.
2. Equivalence of prices of goods or services in different markets
3. The relationship between two currencies such that they are
exchangeable for each other at par or at the official rate of
exchange.
4. Equivalence of prices of farm products (or farm income) to those
existing at a former time, or to the general cost of living.
2. Equivalence of prices of goods or services in different markets
3. The relationship between two currencies such that they are
exchangeable for each other at par or at the official rate of
exchange.
4. Equivalence of prices of farm products (or farm income) to those
existing at a former time, or to the general cost of living.
Parol Contract
A contract that is oral only as distinguished from one that is written.
Particular Average
A partial loss of cargo or hull which falls entirely upon the interest
concerned. See also General Average
concerned. See also General Average
Partnership
An unincorporated business owned and operated by two or more
persons, who, according to the agreement of the partnership,
share the profits and the losses, and the responsibilities, and
have general or limited liability. (At least one partner must have
unlimited liability)
persons, who, according to the agreement of the partnership,
share the profits and the losses, and the responsibilities, and
have general or limited liability. (At least one partner must have
unlimited liability)
Patent
A grant by law of a privilege, property, or authority, to one or more
individuals - including the grant to an inventor of the right to exclude
others from making, using or selling the invention for a term of
years.
individuals - including the grant to an inventor of the right to exclude
others from making, using or selling the invention for a term of
years.
Payable In Exchange
A negotiable instrument conspicuously marked on its face
Exchange and naming a payee, is considered to be negotiable and
payable to the order or assigns of the designated payee.
Exchange and naming a payee, is considered to be negotiable and
payable to the order or assigns of the designated payee.
Payee
1. The person or organization to whose order a check or draft or
note is made payable.
2. One to whom money is paid or is to be paid.
note is made payable.
2. One to whom money is paid or is to be paid.
Payer
(Or Payor.) One who pays or is to pay, particularly the person who
is to make payment of a check, bill, note, or account.
is to make payment of a check, bill, note, or account.
Penalties
1. Punishment, corporeal or pecuniary, or civil or criminal, although
its meaning is generally confined to pecuniary punishment for
doing an act that is prohibited or failing to do one which is required.
2. The sum of money which the obligor of a bond undertakes to pay
in the event of his failure to perform his obligations under the
conditions of the bond.
its meaning is generally confined to pecuniary punishment for
doing an act that is prohibited or failing to do one which is required.
2. The sum of money which the obligor of a bond undertakes to pay
in the event of his failure to perform his obligations under the
conditions of the bond.
Performance
The proper fulfillment of a contract or obligation according to its
terms.
terms.
Peril Point
An estimated limit beyond which a reduction in tariff protection
would cause material injury to a domestic industry.
would cause material injury to a domestic industry.
Perishable Freight
Goods subject to decay or deterioration during shipment.
Petrodollars
Hard currency, principally U.S. Dollars, earned by developing
nations production and sale of petroleum.
nations production and sale of petroleum.
Phytosanitary Inspections
A certificate issued by the agency of a national government
indicating that an export shipment has been inspected and is free
from harmful pests and plant diseases.
indicating that an export shipment has been inspected and is free
from harmful pests and plant diseases.
Pickup and Delivery Service
An optional additional service for the transport of shipments from
shipper's door to originating carrier's terminal and from the
terminal of destination to receiver's door, offered by some airlines,
railroads and sometimes by other shipping modes. With some
transportation services such as the postal and small package
express services, it is a standard service rather than optional.
shipper's door to originating carrier's terminal and from the
terminal of destination to receiver's door, offered by some airlines,
railroads and sometimes by other shipping modes. With some
transportation services such as the postal and small package
express services, it is a standard service rather than optional.
Pickup Order
An order to a carrier to pick up freight at a location.
Pier-to-Pier
Shipment of cargo with carrier responsibility from origin pier to
discharge pier.
discharge pier.
Piggyback
The transportation of truck trailers and containers on specially
equipped railroad flat-cars.
equipped railroad flat-cars.
Pilferage
Taking of property by stealth or clandestine theft, usually in small
quantities.
quantities.
Pilot
1. A person who flies an airplane.
2. A person whose occupation is to guide ships, particularly along a
coast, or into and out of a harbor.
2. A person whose occupation is to guide ships, particularly along a
coast, or into and out of a harbor.
Plimsoll Mark
The horizontal line on the outside of a ship which represents the
depth to which a vessel may be safely loaded.
depth to which a vessel may be safely loaded.
Point of Origin
1. The location in which a good is manufactured or produced.
2. The location at which a shipment is received by a transportation
line from the shipper.
2. The location at which a shipment is received by a transportation
line from the shipper.
Port
1. A place intended for loading and unloading the cargo or
passengers of vessels - it may be within a natural harbor on a
coast, or on a river, or within sheltered water produced by artificial
jetties.
2. A place where customs officers are stationed for the collection of
duties and the control of imports and exports.
passengers of vessels - it may be within a natural harbor on a
coast, or on a river, or within sheltered water produced by artificial
jetties.
2. A place where customs officers are stationed for the collection of
duties and the control of imports and exports.
Port Charge
A charge made for various services performed at ports.
Port of Discharge
The port at which a shipment is off loaded by a transportation line.
Port of Entry
A place designated by law at which Customs is stationed and
carriers from foreign ports, foreign goods and persons are
permitted to arrive.
carriers from foreign ports, foreign goods and persons are
permitted to arrive.
Port of Export
A place where Customs is stationed to control departures of
carriers, passengers, and goods to foreign countries.
carriers, passengers, and goods to foreign countries.
Port-of-Origin Air Cargo
Clearance
Clearance
(USA) U.S. Customs clearance at foreign airports to facilitate the
procedures before arrival in the U.S.
procedures before arrival in the U.S.
Portfolio Investment
In investment, the collective term for all the securities held by one
person or institution.
person or institution.
Post-Shipment Verifications
(USA) An inspection or other action to determine that an exported
strategic commodity is being used in the places and for the
purposes for which its export was licensed.
strategic commodity is being used in the places and for the
purposes for which its export was licensed.
Postdated Check
A check delivered prior to its date, generally payable on or after the
day of its date.
day of its date.
Preference
1.A creditor's right to be paid before other creditors of the same
debtor.
2. A trade preference is the granting of a preferred status to some or
all of the goods of a preferred country, such as lower rates of duty
or admissibility of goods in quantities over and above those
normally permitted.
debtor.
2. A trade preference is the granting of a preferred status to some or
all of the goods of a preferred country, such as lower rates of duty
or admissibility of goods in quantities over and above those
normally permitted.
Preferential Tariff
A tariff which imposes lower rates of duty on goods imported from
some countries.
some countries.
Preferred Country
A country which has lower rates of duty imposed on its goods or is
given other preferential trade treatment by another country.
given other preferential trade treatment by another country.
Premium
1. A bounty or bonus above a regular price, paid as an incentive to
do something.
2. The price of insurance protection for a specified risk for a
specified period of time.
Comment: Meaning numbered 1 above indicates that one meaning
of Premium is: Something in addition to the regular price. In
meaning numbered 2 Premium is the price itself.
3. A give-away - a reward or prize.
do something.
2. The price of insurance protection for a specified risk for a
specified period of time.
Comment: Meaning numbered 1 above indicates that one meaning
of Premium is: Something in addition to the regular price. In
meaning numbered 2 Premium is the price itself.
3. A give-away - a reward or prize.
Prepaid
1. A notation on a shipping document indicating that shipping
charges have already been paid by the shipper to the carrier, or it
is an expression of the intention that payment is to be made by the
shipper.
2. An expense paid before it is currently due.
3. A service or good paid for before it is delivered.
charges have already been paid by the shipper to the carrier, or it
is an expression of the intention that payment is to be made by the
shipper.
2. An expense paid before it is currently due.
3. A service or good paid for before it is delivered.
Prepaid Charges
In transportation, this term may mean that all charges, including
freight, are to be paid by the shipper. Or, it may mean that only those
charges designated as prepaid are to be paid by the shipper with
other charges to be collected from the receiver. Which charges are
which are generally decided by prior agreement.
freight, are to be paid by the shipper. Or, it may mean that only those
charges designated as prepaid are to be paid by the shipper with
other charges to be collected from the receiver. Which charges are
which are generally decided by prior agreement.
Price Support
Subsidy or financial aid offered to specific growers, producers, or
distributors, in accordance with governmental regulations to keep
market prices from dropping below a certain minimum level.
distributors, in accordance with governmental regulations to keep
market prices from dropping below a certain minimum level.
Priority Air Freight
Reserved air freight or air express service wherein certain
shipments by special arrangement, at extra cost, have a priority
after mail and the small package services.
shipments by special arrangement, at extra cost, have a priority
after mail and the small package services.
Private Corporation
A business corporation with shares that are not traded among the
general public.
general public.
Procurement
The act of obtaining; attainment; acquisition; purchasing; buying.
Product Groups
Classification of products into groups for various purposes:
statistics, export control, import quotas etc.
statistics, export control, import quotas etc.
Productivity
A measurement of the efficiency of production.
Proof of Delivery
Evidence that one party has turned over something (cargo) to
another. Commonly, in transportation, a signed, dated
acknowledgement of receipt.
another. Commonly, in transportation, a signed, dated
acknowledgement of receipt.
Proprietor
A person who has an exclusive right or interest in property or in a
business (the owner.)
business (the owner.)
Proprietorship
A business, usually unincorporated, owned and controlled by one
person (sole proprietorship.)
person (sole proprietorship.)
Protectionism
The deliberate use or encouragement of restrictions on imports to
enable relatively inefficient domestic producers to compete
successfully with foreign producers, or to protect and preserve
those industries and producers considered of critical national
interest.
enable relatively inefficient domestic producers to compete
successfully with foreign producers, or to protect and preserve
those industries and producers considered of critical national
interest.
Protective Service
Some airlines offer a protective service where shippers can
arrange to have their shipments under carrier surveillance at each
stage of transit.
arrange to have their shipments under carrier surveillance at each
stage of transit.
Protective Tariff
A duty or tax on imported products to make them more expensive
in comparison to domestic products.
in comparison to domestic products.
Protest
1. (USA) The procedural means by which an importer, consignee,
or other designated party may challenge a customs decision.
2. An action required to be taken in some countries in order to
protect one's rights to seek legal remedies when a collection is
dishonored.
or other designated party may challenge a customs decision.
2. An action required to be taken in some countries in order to
protect one's rights to seek legal remedies when a collection is
dishonored.
Public Corporation
1. A business corporation with shares traded among the general
public, such as through a stock exchange.
2. Also, an instrumentality of the state, founded and owned by the
public interest, supported by public funds, and governed by those
deriving their authority from the state.
public, such as through a stock exchange.
2. Also, an instrumentality of the state, founded and owned by the
public interest, supported by public funds, and governed by those
deriving their authority from the state.
Published Rate
1. The freight charges for a particular class and quantity of cargo
as published in a carrier's tariff.
2. The service charges of many kinds of public utilities (usually
government regulated enterprises) which are published in tariffs
for public information.
as published in a carrier's tariff.
2. The service charges of many kinds of public utilities (usually
government regulated enterprises) which are published in tariffs
for public information.
Purchase Order
A purchaser's written offer to a supplier formally stating all terms
and conditions of a proposed transaction.
and conditions of a proposed transaction.
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