Import and Export Glossary with Letter O
O. & R. : Ocean and Rail
O.D. : Outside diameter
O.R. Det : Owner's risk of deterioration
O.r.b. : Owner's risk or breakage.
O.R.F. : Owner's risk of fire or freezing
O.R.L. : Owner's risk of leakage
O.R.W. : Owner's risk of becoming wet
O.S. & D. : Over, short and damage
O / N :Order notify; own name
O/o : Order of
O/R : Owner's risk
Ocean Bill of Lading : A bill of lading (B/L) indicating that the exporter consigns a shipment to an international carrier for transportation to a specified foreign market. Unlike an inland B/L, the ocean B/L also serves as a collection document. If it is a "straight" B/L, the foreign buyer can obtain the shipment from the carrier by simply showing proof of identity. If a "negotiable" B/L is used, the buyer must first pay for the goods, post a bond, or meet other conditions agreeable to the seller. Compare Air waybill, inland bill of lading, and through bill of lading. .
ODS : An acronym commonly used for the term "operating differential subsidy," which is a payment to an American-flag carrier by the federal government to offset the difference in operating costs between US and foreign vessels.
Off-Line : Describes an airline that sells in a market to which it does not operate. An Off-Line carrier will use another operator to link with its network.
Open Account : A trade arrangement in which goods are shipped to a foreign buyer without guarantee of payment. The obvious risk this method poses to the supplier makes it essential that the buyer's integrity be unquestionable.
Open Insurance Policy : A marine insurance policy that applies to all shipments made by an exporter over a period of time rather than to one shipment only.
Open Policy : A cargo insurance policy that is an open contract; i.e., it provides protection for all an exporter's shipments afloat or in transit within a specified geographical trade area for an unlimited period of time, until the policy is cancelled by the insured or by the insurance company. It is "open" because the goods that are shipped are also detailed at that time. This usually is shown in a document called a marine insurance certificate.
Original Equipment Manufacturers (OEM accounts) : Customers who incorporate the exporter's product into their own merchandise for resale under their own brand names.
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