Tuesday, January 26, 2010

Trade Terms Tuesday

Welcome to Trade Terms Tuesday! Each Tuesday, we will share three trade-related terms. In order to reach out to our diverse readership, we will try to provide one for exports, one for imports, and one for logistics/transportation. This week, we continue with the N’s.

Nominal Consignee
A nominal consignee is a carrier, express consignment operator, freight forwarder or consolidator that has no right, title or interest in the property other than possession of a bill of lading or air waybill. The nominal consignee is not the owner or purchaser, but depending on the terms and conditions of the transportation agreement, may designate a broker to make entry on behalf of the actual owner or purchaser. The nominal consignee cannot be the importer of record on a formal entry.

Non-Privileged Foreign Status
Non-privileged foreign status material (FTZ term) is dutiable at the rate applicable when the merchandise is transferred into U.S. commerce. Waste material from the manipulation or manufacture of privileged foreign status material is considered non-privileged foreign status.

No License Required (NLR) is the designation given to commodities and related technology that do not require a license to be exported from the United States. Most exports from the United States do not require a license,omit comma and are assigned the designation NLR. NLR designated exports include those items not listed on the Commerce Control List (CCL) or those items that are listed on the CCL, but are being exported to countries for which the federal government does not require a license.

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