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Ocean Bill of Lading (Ocean B/L)
A contract for transportation between a shipper and a carrier.
It also evidences receipt of the cargo by the carrier. A bill
of lading shows ownership of the cargo and, if made negotiable,
can be bought, sold or traded while the goods are in-transit.
OCP
See "Overland Common Points."
ODS
Abbreviation for "Operating Differential Subsidy."
An amount of money the U.S. government paid U.S. shipping
companies that qualify for this subsidy. The intent
was to help offset the higher subsidy. The intent was
to help ofset the higher cost of operating a U.S.-flag vessel.
The ODS program is administered by the U.S. Maritime Administration
and is being phased out.
O.E.C.D.
Organization of Economic Cooperation and Development, headquartered
in Paris with membership consisting of the world's developed
nations.
On Board
A notation on a bill of lading that cargo has been loaded
on board a vessel. Used to satisfy the requirements of a letter
of credit, in the absence of an express requirement to the
contrary.
On Deck
A notation on a bill of lading that the cargo has been stowed
on the open deck of the ship.
Open Account
A trade arrangement in which goods are shipped to a foreign
buyer without guarantee of payment.
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 Top Container
A container fitted with a solid removable roof, or with a
tarpaulin roof so the container can be loaded or unloaded
from the top.
Operating Ratio
A comparison of a carrier's operating expense with its net
sales. The most general measure of operating efficiency.
O.P.I.C.
Overseas Private Investment Corporation.
Optimum Cube
The highest level of cube utilization that can be achieved
when loading cargo into a container.
Order-Notify (O/N)
A bill of lading term to provide surrender of the original
bill of lading before freight is released; usually associated
with a shipment covered under a letter of credit.
ORFS
Abbreviation for "Origin Rail Freight Station."
Same as CFS at origin except an ORFS is operated by the rail
carrier participating in the shipment.
Origin
Location where shipment begins its movement.
Original Bill of Lading (OBL)
A document which requires proper signatures for consummating
carriage of contract. Must be marked as "original"
by the issuing carrier.
OS&D
Abbreviation for "Over, Short or Damaged" Usually
discovered at cargo unloading.
Out Gate
Transaction or interchange that occurs at the time a container
leaves a rail or water terminal.
Overcharge
To charge more than the proper amount according to the published
rates.
Overheight Cargo
Cargo more than eight feet high which thus cannot fit into
a standard container.
Overland Common Point (OCP)
A term stated on the bills of lading offering lower shipping
rates to importers east of the Rockies, provided merchandise
from the Far East comes in through the West Coast ports. OCP
rates were established by 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.
Applies to eastern Canada.
Owner Code (SCAC)
Standard Carrier Abbreviation Code identifying an individual
common carrier. A three letter carrier code followed by a
suffix identifies the carrier's equipment. A suffix of "U"
is a container and "C" is a chassis.
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