Usually used with regard to Bills of Lading: a negotiable B/L is a valid document of title, while a non-negotiable B/L is not – the beneficiary of a DC (the exporter) may send the importer a non-negotiable B/L for information.
Purchase of drafts under a documentary credit which the issuing bank has undertaken to pay.
A view of the world based on the belief that the optimal economic system is achieved by giving free reign to market participants, privatization, free trade, and the shrinking of government intervention in the economy. Critics argue that neoliberal policies prioritize corporate profits over the welfare of the working majority and society at large.
The weight of the merchandise before any packaging.
Bills not drawn under DC i.e. sent on a collection basis (D/P or D/A). In common usage we distinguish between Non DC bills which are financed collections and DCs which are non-financed.
Bills sent on collection in which the remitting branch has no financial interest.
Nonprivileged Foreign (Npf)
Foreign Merchandise or non-tax-paid domestic merchandise upon which the duty and applicable taxes will be determined at the time of entry from the zone for consumption.
Means, other than tariffs, to discourage imports. They may include requiring advance deposits in import payments, requiring excessive customs adherence and excessive administrative procedures.
Non-Vessel Operating Common Carrier (Nvocc)
A cargo consolidator of small shipments in ocean trade, generally soliciting business and arranging for or performing containerization functions at the port.
North American Free Trade Agreement (Nafta)
It covers the largest free trade area in the world encompassing Canada, the United States and Mexico. This free trade pact was passed by the U.S. Congress in November 1993 and began implementation in January 1994. NAFTA follows the model of the U.S.-Canada Free Trade Agreement and will lower trade barriers among the three countries over the next 15 years to zero in most categories of goods and services.
The first stage in protest of a dishonoured bill: if instructed to protest for non-payment/non- acceptance, the collecting bank must send the bill to a notary public who will represent it to the drawee on the same day it was refused, or the next business day. If the drawee still refuses the bill the notary public notes on the bill: the amount of his charges, the date and his initials. The reason for refusal is shown on a note attached to the bill. The bill is then protested – see Protest