Skip to main content

International Resource Center – Glossary of Terms

A-E | F-J | K-O | P-T | U-Z | Resource Center
 

 

K

Top
 

L

Latest Shipment Date
Last day on which goods may be shipped, as evidenced by on-board date on bill of lading or flight date on air waybill.
 
Letter of Credit
Document, issued by a bank per instructions by a buyer of goods, authorizing the seller to draw a specified sum of money under specified terms, usually the receipt by the bank of certain documents within a given time. (See Import Letter of Credit, Export Letter of Credit)
 
Top
 

M

Marine Bill of Lading
Bill of lading for shipment by sea.
 
Multi-Modal Bill of Lading
A bill of lading used when more than one mode of transport is involved in a shipment, for example when a consignment travels by rail and by sea. Also called a combined transport or intermodal bill of lading.
 
Top
 

N

Negotiable Bill of Lading
A title document to the goods, issued "to the order of" a party, usually the shipper, whose endorsement is required to effect its negotiation. Thus, a shipper's order (negotiable) bill of lading can be bought, sold or traded while goods are in transit and is commonly used for letter-of-credit transactions. The buyer must submit the original bill of lading to the carrier in order to take possession of the goods.
 
Top
 

O

On Board Bill of Lading
Bill of lading validated at the time of loading to transport. Most common types: onboard air, boxcar, container, rail, truck and vessel.
 
Open Account
Trade arrangement and payment terms in which goods are shipped to a foreign buyer without guarantee of payment.
 
Opening Bank
Common terminology among bankers for issuing bank in the letter of credit process.
 
Top
 
 
Contact Us
Contact us with your international banking needs or call one of our representatives:
  • Global Trade Finance: 800-937-8226
  • Commercial and Retail Foreign Exchange: 888-BNG-INTL (888-264-4685)
  •  
    On this page
    K
     
    L
     
    M
     
    N
     
    O