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Trade Glossary

index: a b c d e f g h i j k l m n o p q r s t u v w x y z

Nationalization (economics) A takeover by the government, with or without compensation, of public or private financial activity.

Negligence (law) A failure to do that which an ordinary, reasonable, prudent person would do or an act that an ordinary, prudent person would not do. A form of irresponsibility.

Negotiable B/L (shipping) Original bill of lading endorsed by shipper that is used for negotiating documents with bank.

Negotiating Bank (shipping) Bank where shipper negotiates documents or where documents are first presented usually at country of origin.

Nexus (law) A party’s connection with or presence in a place where it is deemed fair to subject the party to the jurisdiction of the court or government located there.

Non-Negotiable B/L (shipping) Copy of original B/L which cannot be negotiated with bank.

Nostro account (banking) An account maintained by a bank with a bank in a foreign country. Nostro accounts are kept in the foreign currency of the country in which the money is held with the equivalent dollar value listed in another column for accounting purposes.

Notify Party (shipping) Company/person who appears on the bill of lading to be notified when cargo arrives. Could be different from consignee — usually actual receiver of goods.

NVOCC Non Vessel Operating Common Carrier. A carrier offering international cargo transport service through the use of underlying carriers. NVOCCs may or may not operate their own equipment.

This section is given in good faith and for reference only.