M

Master Credit

In back-to-back operations， the original export credit against which the second credit is opened

Maturity

Due date of payment of a usance bill or promissory note．

N

Negotiable/Non-Negotiable

Usually used with regard to Bills of Lading： a negotiable B/L is a valid document of title， while a non-negotiable B/L is not - the beneficiary of a DC （the exporter） may send the importer a non-negotiable B/L for information．

Negotiation

Purchase of drafts under a documentary credit which the issuing bank has undertaken to pay．

Net Weight

The weight of the merchandise before any packaging．

Non-DC Bills

Bills not drawn under DC i．e． sent on a collection basis （D/P or D/A）． In common usage we distinguish between Non DC bills which are financed collections and DCs which are non-financed．

Non-Financed Bills

Bills sent on collection in which the remitting branch has no financial interest．

Noting

The first stage in protest of a dishonoured bill： if instructed to protest for non-payment/non- acceptance， the collecting bank must send the bill to a notary public who will represent it to the drawee on the same day it was refused， or the next business day． If the drawee still refuses the bill the notary public notes on the bill： the amount of his charges， the date and his initials． The reason for refusal is shown on a note attached to the bill． The bill is then protested - see Protest．

O

Opener

See Applicant．

Opening Bank

See Issuing Bank．

Order （To）

The phrase To Order is sometimes shown on Bills of Lading against consignee： this means that the Bill of Lading must be endorsed in blank by the shipper （i．e． not to any particular named party which makes it bearer document and it becomes transferable by delivery．）

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国际结算专用词汇6