Glossary of International Trade Terms
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Oo
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| Ocean Bill of Lading |
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A receipt for the cargo and a contract for transportation between a shipper and the ocean carrier. |
| Offer |
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A proposal that is made to a certain individual or legal entity to enter into a contract, that is definite in its terms, and that indicates the offeror's intent to be bound by an acceptance.
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| Office of Export Licensing (OEL) |
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An agency under the Bureau of Export Administration that administers export licenses. |
| Office of Management and Budget |
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An executive office of the President which evaluates, formulates and coordinates management procedures and program objectives within and among federal departments an agencies. It also controls the administration of the federal budget. |
| Official Development Assistance |
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Financial flows to developing countries and multilateral institutions provided by official government agencies. |
| Offshore |
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A reference to financial operations transacted outside the country in question. |
| Offshore Bank |
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Bank located outside the country in question. |
| Offshore Banking Center |
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Financial center where many of the financial institutions have little connection with that country's
financial system; usually done for tax purposes. |
| Old-To-Market |
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A committed to export, experienced, larger scale firm with export sales volume in excess of 15%. |
| On Board |
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"Notation on a bill of lading indicating that the goods have been loaded on board of shipped on a named ship. In the case of received for shipment bills of lading, the following four parties are authorized to add this "on board" notation:
(1) the carrier,
(2) the carrier's agent,
(3) the master of the ship, and
(4) the master's agent." |
| On Deck |
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Notation on a bill of lading which indicates that the goods have been loaded on the deck of the ship. |
| On Deck Bill Of Lading |
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Bill of lading containing the notation that goods have been placed on deck. |
| Open Account |
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Credit extended that is not supported by a note, mortgage, or other formal written evidence of indebtedness. |
| Open Conference |
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A shipping conference in which there are no restrictions upon membership other than ability and willingness to serve the trade. |
| Open Economy |
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An economy free of trade restrictions. |
| Open-End Contract |
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An agreement by which the buyer may purchase goods from a seller for a certain time without changes in the price or the contract terms. |
| Operator |
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A corporation that operates a foreign trade zone under the terms of an agreement with a foreign trade zone grantee. |
| Order |
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A request to deliver, sell, receive, or purchase goods or services. |
| Order Bill |
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A bill of lading that states that goods are consigned to the order of the person named in the bill. |
| Order Notify |
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A bill of lading term to provide for surrender of the original bill of lading before freight is surrendered. |
| Outright |
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A forward purchase or sale of foreign exchange which is not offset by a corresponding spot transaction. |
| Outward Swap |
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Spot purchase of foreign exchange and forward resale of the same currency against domestic currency. |
| Over the Counter |
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Securities trading which takes place outside the normal exchanges. |
| Overnight |
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Swap from settlement date until the following business day. |
