National Insurance Lower Earnings Limit

This is the level at which individuals' earnings become subject to National Insurance. This limit is £89 per week for the 2003/2004 tax year. Earnings below this amount are not subject to National Insurance.

Negative Pledge

An undertaking by a company not to "pledge" any of its assets as security for borrowing.

Negotiable/Non-Negotiable

Terms used to describe a valid (negotiable) or invalid (non-negotiable) document of title. Usually used when referring to Bills of Lading - a negotiable bill is a valid document of title, while a non-negotiable bill is not.

Negotiating Bank

The bank which negotiates a presentation under a documentary credit. It may be a bank nominated by the issuing bank or any other bank authorised under the credit. Usually located in the country of the seller.

Negotiation

The giving of value for a draft or documents which, under the credit terms, the issuing bank has undertaken to pay.

Net Interest

Interest a customer receives after deduction of basic rate tax. 

Net Relevant Earnings

Currently your net relevant earnings are used to calculate the maximum pension contributions you can make. This is your total earnings including benefits in kind. Examples of benefits in kind include a company car, mortgages and loans at preferential rates. For self-employed people net relevant earnings are taxable earnings less allowable deductions. 

Net Weight

The weight of the merchandise in its shipping form, i.e. excluding any packaging. 

Network

A set of connected computers. Each may have their own processing power, or they may be workstations linked to one server.

Night safe

Enables customers to deposit cash and cheques into their accounts outside normal working hours. It provides a secure place for their money overnight. 

Nominated account

An account chosen by you through which specified transactions are made. 

Nominated Bank

The Bank nominated in the documentary credit to pay, accept, negotiate or incur a deferred payment undertaking.

Non-Conforming Demand

See Discrepancy.

Non-Convertible Currency

A currency which cannot be easily traded for a hard currency such as Sterling or US dollars, and which is likely to be subject to restrictive rules and regulations. 

Non-DC Bills

Bills of exchange not drawn under a documentary credit, but on a collection basis.

Non Disclosure

A signed agreement between parties to preserve the confidentiality of a relationship, a contract or shared knowledge.

Non Drawdown

When a borrowing facility has been arranged by a customer but not utilised. There can sometimes be a charge or financial penalty in these circumstances. 

Non-executive Director

A non-executive director is a director who is not involved in the day to day operations of the business. They should provide an independent view, industry experience and /or useful contacts or influence. They are often part-time, and some people are non-execs for more than one company. Some consultancy firms offer non-execs as an alternative to consultants. Alternatively, local business organisations such as Business Link may hold a list of potential investors ('business angels') - these investors will often become non-executive directors as part of their investment in the company.

Non-Financed Bills

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

Non-protected Rights Fund

Non-protected Rights funds are made up of contributions from all other sources, for example, contributions by you, your employer, by a member of your family or any other third party (excluding contributions in respect of those from the National Insurance Contributions Organisation (NICO).

Non-recourse

Where a payee has no right to claim back a payment made.

Non-utilisation

When a facility has been arranged with a lender but not used by the borrower (e.g. a term loan).

Notify Party

Most contracts involving transport overseas specify a party who is to be advised of the arrival of the goods. This may be the consignee himself or an agent, whose name and address must appear on the transport document.  

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/her charges, the date and his/her initials. The reason for refusal is shown on a note attached to the bill. The bill is then protested – see "Protest”.