Ocean Bill of Lading (Ocean B/L):
Document indicating that the exporter will consign a shipment to an
international carrier for transportation to a specified foreign market and
indicates the terms of the contract of carriage. The ocean B/L 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 it is
a negotiable B/L, the buyer must first pay for the goods, post a bond,
surrender the original B/L or meet other conditions agreeable to the seller.
O.E.C.D.: Organization of Economic Cooperation and Development,
headquartered in Paris with membership consisting of the World's Developed
Nations.
On-Board: Cargo that has been loaded on board a combined transport mode
of conveyance. Used to satisfy the requirements of a letter of credit, in
the absence of an express requirement to the country.
Open Account: A trade arrangement in which goods are shipped to a
foreign buyer without guarantee of payment.
Open-Top Container: A container fitted with a solid removable roof or
with a tarpaulin roof that can be loaded or unloaded from the top.
Operating Ratio: A comparison of a carrier's operating expense with its
gross receipts.
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.
Origin: Location where shipment begins its movement at cargo's expense.
Original Bill of Lading (O.B.L.): A document which requires proper
signatures for consummating carriage of contract.
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.
Overland Common Point (OCP): A term stated on the bills of lading
offering lower shipping rates to importers east of the Rockies, providing
merchandise from the Far East comes through the West Coast ports. OCP rates
were established by US 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 US
Atlantic and Gulf ports. Applies to eastern Canada.
Overheight Cargo: Cargo stowed in an open-top container; projects above
the uppermost level of the roof struts.
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.
