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Ocean Bill of Lading - Bill of Lading indicating the exporter consigns a shipment to an international carrier for transportation to a specified foreign market. Unlike an in land B/L, the ocean B/L also serves as a collection. 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.
OCONUS - Outside of the continental United States.
OCP - See Overland Common Points.
ODS - Acronym commonly used for the terms Operating Differential Subsidy, which is the payment to an American-flag carrier by the federal government to offset the difference in operating, costs between U.S. and foreign vessel.
O.E.C.D. - Organization of Economic Cooperation and Development, headquartered in Paris, France, with the organizations membership consisting of Developed Nations.
Off Route Points - Points located off regular route highways of line-haul carriers, generally served only on irregular schedules.
OMNI - Overseas Movers Network, Inc.
On The Berth - Term denoting that ship is ready to load/discharge cargo.
On Board - When the bill of lading is stamped "On Board", the carrier is certifying that the cargo has been placed on board the named vessel. The Bill of Lading requires the signature of the captain or the captain's representative. On draft or letter of credit transactions an On Board Bill of Lading is usually required for the bank to release the funds to the shipper.
Open Account - A trade arrangement in which the goods are shipped to a foreign buyer without guarantee or payment. The obvious risk this method poses to the supplier makes it essential that the buyer's integrity be unquestionable.
Open-End Lease - Lessee guarantee lessor will realize minimum value from sale of equipment at end of lease period.
Open Insurance Policy - Form of insurance covering shipments for specified time or stated value and not limited to single shipment, most often used in marine insurance.
Open Policy -A cargo policy with no expiration date that provides Common automatic coverage of cargo to or from an Assured in a specified trade at agreed rates, terms and conditions. Usually consists of separate Marine and War policies.
Open Top Container - A container that is fitted with a solid removable roof or a tarp roof that can be loaded or unloaded via the top.
Operating Authority - Routes, points and types of traffic that may be served by carrier, authority is granted by state of federal regulatory agencies.
Operating Ratio - Comparison of carrier's operating expenses with gross receipts; income divided by expenses.
O.P.I.C. - Overseas Private Investment Corporation.
Opportune Cargo - The cargo eligible and funded for lift on a DTS mission but without specific lift scheduled against it (e.g., cargo awaiting channel lift at an AMC aerial port}.
Optical Character Recognition (OCR) - Reading of data scanning location or shape of data on document.
Optimum Cube - The highest level of cube utilization that can be achieved when loading cargo into a container.
Order - A negotiable document by which a transportation line acknowledges receipt of freight and contracts for its bill of lading.
Order Bill of Lading - This bill of lading is negotiable because it provides for the delivery of the goods to a named person or to anyone he or she may designate, but only on proper endorsement and surrender of the bill of lading to the carrier or the carrier's agents. Shipper endorses the original copy of the bill of lading before presenting it to the bank for collection.
Order-Notify (O/N) - A Bill of Lading term to provide surrender of the original Bill of Lading before the cargo is released. This type of document is usually associated with a shipment covered under a letter of credit.
ORFS - Abbreviation for Origin Rail Freight Station. Same as CFS at origin, except on ORFS is operated by the rail carrier participating in the movement of the shipment.
Organic Airlift - Airlift provided by aircraft owned/operated by each service.
Organic Security - (non-formal law enforcement} Security measures that deter attacks. (e.g., guard force, detection systems}
Origin - The location from which a shipment begins its movement.
Original Bill of Lading (OBL) - A document that requires the proper signatures for accomplishing carriage of contract.
Original Document - Unless it is otherwise stated in the letter of credit, the requirement for an original document may also be satisfied by the presentation of documents produced or appearing to have been produced: 1} a copy machine I a copy, 2} by automated or computerized systems, or 3} as carbon copies, and market as original.
OS&D - Over, Short and Damaged; report issued at warehouse when goods are damaged, used to file claim with carrier.
OSHA - Occupational Safety and Health Administration
Out Gate - Transaction or interchange that occurs at the time a container leaves a rail or water terminal.
Out-of-the-Money - An option is out-of-the-money if: 1) Call option: the market price is less than the strike price. 2) Put option: market price is greater than the strike price.
Outright - A forward purchase or sale of foreign exchange and forward resale of the same currency against domestic currency.
Overcharge - To charge an amount higher than the proper amount according to published tariff rates.
Overhang - Applies to the portion of a shipment that projects or extends beyond the physical dimensions of the transporting vehicle.
Overheight Cargo - Cargo stowed in an open-top container that projects above the uppermost level of the roof struts.
Overland Common Points (OCP) - A term that is stated on the bills of lading offering lower shipping rates to importers east of the Rockies, provided cargo from the Far East comes through the West Coast ports. OCP rates were established by the U.S. West Coast Steamship companies in conjunction with western railroads so that cargo originating or destined for the American Midwest and East would be competitive with all-water rates via the U.S. Atlantic and Gulf ports. Also applies to Eastern Canada.
Over-The-Road - A motor-carrier operation that reflects long-distance, intercity moves; the opposite of local operations.
Overseas - Any country or place beyond the limits of the 48 contiguous United States and the District of Columbia.
Overseas Housing Allowance (OHA) - This allowance is given to offset the cost of housing for service members living off of the installation for an overseas duty assignment. Rates are determined by rank and dependency status. OHA rates have three components: rent, utilities/recurring maintenance allowance, and MIHA.
Owner Code (SCAC) - The Standard Carrier Abbreviation Code that identifies a particular common carrier. A three letter code that identifies the carrier, followed by a suffix that identifies the carrier's equipment. A suffix of U is a container and C is a chassis.
Owner-Operator - Driver who owns and operates his own truck; he may be a common carrier; contract carrier or exempt carrier; such contractor may lease rig/driver to another carrier.
Owner's Risk - When owner of goods remains responsible during shipping, relieving carrier of part of risk.
Oxidizing Material - As defined in the Hazardous Materials Regulations in 49 CFR, any substance that yields oxygen readily to stimulate combustion of organic matter.