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Glossary of terms for phrases beginning with “N”

Negotiable Bill of Lading

Something that can be negotiated, transferred or assigned from one person to another in return for equivalent value by being delivered either with endorsement (as of an instrument to order) or without endorsement (as of an instrument to bearer) so that the title passes to the transferee who is not prejudiced in his rights by any defect or flaw in the title of prior parties nor by personal defenses available to prior parties among themselves provided in both cases that the transferee is a bona fide holder without notice e.g. bills of lading, bills of exchange, promissory notes, and cheques that are payable to bearer or order are negotiable instruments, as are also, in some jurisdictions, some other instruments (as bonds, some forms of stock) i.e. negotiable paper/negotiable securities. "Negotiable" used analogously for "transferable" – see also negotiability/transferability.


Negotiating Bank

Bank where a shipper negotiates documents or where documents are first presented, usually at country of origin.

Also, often referred to as the advising bank.


Nested

Three or more different sizes of the same item or commodity which must be enclosed, each smaller piece within the next larger piece, or three or more of the items must be placed one within the other so that the top item does not project above the lower item by more than 1/3 of its height.

Nested Solid: Three or more of items must be placed on or inside the other, so that the external side surfaces of the top item is in contact with the internal side surfaces of the item below, and the top item does not project above the next lower item by more than 1/2 inch.


Neutral Body

Investigating body designated by conference carriers to ensure that all regulations and rules are adhered to.


NOE

Not Otherwise Enumerated


Non-Asset-Based Third Party Providers

Third party providers who generally do not own assets, such as transportation and/or warehouse equipment.


Non-Negotiable Bill of Lading

A document not made out "to order", but being a receipt and evidence of the contract of carriage, but which is not a document of title, e.g. a waybill and, in some jurisdictions (such as the USA), a (straight) consigned bill of lading.


NOS

Not Otherwise Stated.


Notify Party

Company/person who appears on the bill of lading or waybill to be notified when the cargo arrives at destination. Could be different from the consignee, but is often the actual receiver of the goods. A notify party has no particular rights (beyond the notification) under the bill of lading or waybill.


NVOCC

Non-Vessel Operating Common Carrier

Carrier offering an international cargo transport service through the use of underlying carriers and under their own rate structure in accordance with tariffs filed with the Federal Maritime Commission in Washington D.C.