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Trade Glossary

index: a b c d e f g h i j k l m n o p q r s t u v w x y z

Off Dock Location (shipping) Depot away from main terminal used to load/unload cargo-truck/rail.

Offshore banking unit (OBU) (banking) A department within a bank that in certain countries is permitted to engage in specific transactions that ordinary domestic banks are not allowed to do.

On Board Ocean Bill of Lading Document issued by the steamship company indicating the freight covered by the bill of lading has been physically loaded aboard ship for transit. This document is usually not released to the shipper until the ship has set sail.

On Carriage (shipping) Movement of cargo by connecting carrier to ultimate destination.

On their face (banking) In a letter of credit and/or other documentary operations, banks must examine documents with reasonable care to ascertain whether or not they appear, on their face, to be in compliance with the terms or conditions of the documentary letter of credit.

Open Account Method of payment for goods. Seller and buyer agree on payment terms; freight and necessary documents are sent to buyer. The buyer generally has 60 to 90 days to reimburse the seller (with no interest charges). The seller carries all the risk in this solution.

Open-end contract (law) An agreement by which the buyer may purchase goods from a seller for a certain time without changes in the price of the contract terms.

Operation Exodus (customs) A U.S. Customs Service export enforcement program to help stem the flow of the illegal export of U.S. sourced arms and technology to the Soviet bloc and other prohibited destinations.

OS&D (shipping) Abbreviation for “Over, Short or Damaged”. Usually discovered at cargo unloading.

Out of Gauge (shipping) Cargo which exceeds the internal dimensions of the container in width, length, or height.

OUTBOUND (shipping) Export Shipment

Outward swap (foreign exchange) Spot purchases of foreign exchange and forward resale of the same currency against domestic currency.

Over Landed (shipping) Cargo taken beyond original; port of discharge.

Over the Road Limitations (shipping) State or country regulations for weight limits allowed per container/truckload.

This section is given in good faith and for reference only.