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Glossary of Trade Terms

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NCND	Warning! This often contains a false reference to non-existent ICC standard rules.
NCV	No commercial value.
NE (also ne)	Not Exceeding.
Neg	Negotiate a bill. For the Bank’s purposes, this is synonymous to the ‘discount’ of a bill.
Negotiable Instrument	A written document that can be used to transfer the rights embodied in it by mere delivery (in the case of instruments made out to bearer) or by endorsement and delivery (in the case of instruments made out to order). Some instruments, such as the bill of exchange and the cheque, are negotiable unless their negotiability is explicitly excluded, while the bill of lading is negotiable only if made negotiable by the shipper.
Nominated Bank	The bank that is stipulated in a documentary credit as authorised to pay or issue a deferred payment undertaking or accept drafts. A nominated Bank is normally bound to pay under the credit. Note: If the Bank has added its confirmation to the credit it becomes a confirming bank.
Non- Circumvention Non-Disclosure Agreement (also NCND)	A type of contract frequently requested by international brokers or middlemen in order to prevent buyers from trying to go around the broker to deal directly with suppliers. Warning! These agreements are sometimes erroneously said to be issued pursuant to ICC Rules. Such ICC Rules do not exist: there is no connection between the ICC and these documents. While the ICC is in fact studying the possibility of issuing a model international brokerage agreement, it certainly will not include the term ‘non-circumvention non- disclosure’ in its title.
Non-Vessel- Operating Common Carrier (also NVOCC)	A company providing point-to-point international transport of goods although it does not necessarily operate or own transport vehicles or equipment. An NVOCC commonly contracts with a shipper to move goods from the exporter’s premises to the importer’s premises, and issues their own door-to- door transport document, although they in fact sub-contract the differentstages of the transport chain to various road hauliers and ocean carriers.
Nostro Account	A bank account held by a bank with its foreign correspondent bank, in the currency of that foreign country.
Notary Public	A public officer whose chief duties are certifying deeds and documents, noting protesting bills of exchange etc.
Noting	A minute or memorandum made by a Notary Public on a bill of exchange which has been dishonoured. The Bills of Exchange Act instructs that noting to be done within 24 hours of dishonour. It consists of their initials, their charges and the date. In the case of bills of exchange drawn and payable outside Australasia it is preparatory to a formal protest. The Bank can ‘note’ or ‘protest’ a bill of exchange if a Notary Public is not available.
NVOCC	A company providing point-to-point international transport of goods although it does not necessarily operate or own transport vehicles or equipment. An NVOCC commonly contracts with a shipper to move goods from the exporter’s premises to the importer’s premises, and issues their own door-to- door transport document, although they in fact sub-contract the differentstages of the transport chain to various road hauliers and ocean carriers.

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Agricultural and Processed Food Products Export Development Authority (APEDA)
(Ministry of Commerce & Industry, Govt. of India)

NCUI Building 3, Siri Institutional Area, August Kranti Marg, New Delhi - 110 016
Phone : 91-11-41486013, 20863919, 20867008, 20867007