What is NOS ?

Not wanting to start a heated debate or anything, but I keep seeing complete custom-built bikes (often eBay listings) being described as 'NOS'.
If a bike was offered usually as Frame & Forks by the manufacturer, and then offered as a custom build package by a shop to its customer, then surely the bike (or indeed its parts) are only NOS if they haven't been bolted together?
I mean, how can a frame be NOS if the head tube and BB have been faced & chased, and had a headset and BB installed?

Honest question.
 
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