Terms used in international trade business such as Open account trading,Open-end Lease,Option,Origin receiving charges , Originator,Overland common point etc.
This post explains about terms used in international trade business such as Open account, Open account trading,Open-end Lease,Option,Origin receiving charges , Originator,Overland common point,Overpack,Outward collection etc. These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.
Terms used in international trade business
OPEC:Organisation Of Petroleum Exporting Countries
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 ACCOUNT (O/A): A trade arrangement in which goods are shipped to a foreign buyer without guarantee of payment, with 30-45 days accounts payable, for example. The buyers integrity must be unquestionable, or the buyer must have a history of payment practices with the seller.
Open account trading - Exporter allows buyer to pay a specified time after receiving the shipment.
Open account trading and collections: A bill of exchange that will be drawn on and accepted by the buyer.
Open Cargo Policy:Synonymous with "Floating Policy." An insurance policy which binds the insurer automatically to protect with insurance all shipments made by the insured from the moment the shipment leaves the initial shipping point until delivered at destination. The insuring conditions include clauses naming such risks insured against as "perils of the sea," fire, jettison, forcible theft, and barratry. See >'Perils of the Sea," "Barratry," "All Risks Clause."
open door policy :a policy of allowing all people and goods to come into a country easily
Open General Export Licence:A class of export licence covering export commodities for which individually validated export licences are not required. No formal application or additional written authorisation is needed to ship exports under an Open General Export Licence, although the licence may specify that shipments are notified
Open General Import Licence (OGIL): available from the Department of Trade and Industry, this allows the import of most goods from outside the EU without licensing formalities. But some goods require a special licence and are listed in a schedule to OGIL.
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-end Lease: A conditional sale lease in which the lessee guarantees that the lessor will realize a minimum value from the sale of the asset at the end of the lease.
Opening bank - Bank that opens a letter of credit as the request of an importer.
Operating Lease: Any lease that is not a capital lease. These are generally used for short term leases of equipment. The lessee can acquire the use of equipment for just a fraction of the useful life of the asset. Additional services such as maintenance and insurance may be provided by the lessor.
OPIC: Overseas Private Investment Corporation. A US agency that assists US companies protect their investment against risk in a particular country besides providing other services.
OPR:Outward Processing Relief
Option:The contractually agreed-upon right to buy (call) or sell (put) a specific amount of currency at a predetermined price on (in the case of a European-style option) or up to (in the case of an American-style option) a future date. A fee (premium) is paid up front for an option.In-the-money call option is when the market price is greater than the strike price.In-the-money put option is when the market price is lower than the strike price.Out-of-the-money call option is when the market price is lower than the strike price.Out-of-the-money put option is when the market price is greater than the strike price.
OR - Owner’s Risk.
ORB - Owner’s risk of breakage.
Order Bill of Lading:A bill of lading, negotiable, made out to the order of the shipper.sac longchamp pliage pas cher , ray ban wayfarer , sac longchamp soldes , nike tn pas cher , sac longchamp , scarpe nike
Order Bll of Lading:A negotiable bill of lading made out to the order of the shipper
Order: a form of endorsement or transfer. On a bill of exchange, 'order' or 'to order' means that the drawer directs that payment be made to another party (usually a bank).
ORF - Owner’s risk of fire.
Origin receiving charges - Loading charges at origin point. See TRC.
Original bill of lading (B/L) - Bill of lading that bears the original signature of the master of a ship or his agent.
Originator (name & address) - Where the invoice is completed on behalf of a company, the name and address of the company must be indicated. The name of the person completing the invoice may also be indicated. Invoices completed on behalf of individuals must indicate the name and address of the person completing the invoice. This field may be left blank if this information is provided elsewhere on the invoice.
ORL - Owner’s risk of loss (or leakage).
ORM - Other Regulated Material. Consumer commodities shipped within the U.S. are classified as ORM-D.
Osaka Action Agenda: Adopted in 1995, the Osaka Action Agenda is the framework for implementing the Leaders' Declaration (adopted in Bogor, Indonesia, 1994) that APEC member economies would achieve the free and open trade within the region by 2010/2020.
Outward collection: How the Remitting bank refers to a collection. Collection being sent overseas to collecting bank(s) for presentation to buyer.
Outward letter of credit: How the Issuing bank refers to a letter of credit.
Overland common point (OCP) - Term stated on bill 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.
Overpack - Enclosure that is used by a single consignor to provide protection or convenience in handling of a package or to consolidate two or more packages. Examples of overpacks are one or more packages: (1) Placed or stacked onto a load board such as a pallet and secured by strapping, shrink wrapping, stretch wrapping, or other suitable means; or (2) Placed in a protective outer packaging such as a box or crate.
Overseas private investment corporation (OPIC) - Wholly-owned government corporation designed to promote private U.S. investment in developing countries by providing political risk insurance and some financing, including project financing.
OVERSEAS PRIVATE INVESTMENT CORPORATION (OPIC): A wholly owned government corporation designed to promote private U.S. investment in developing countries by providing political risk insurance and some financing, including project financing.
OY:Finnish term for Incorporated
P&I Club - Protection and Indemnity Club, ship-owners’ insurance association.
P&I:Protection and Indemnity
P/A - Power of attorney.
P/A:Private Account
P/H - Pier to House (same as CFS/CY).
The above details describes about terms called in international trade business such as Open account, Open account trading,Open-end Lease,Option,Origin receiving charges , Originator,Overland common point,Overpack,Outward collection etc. These phrases may help importers and exporters on their day to day export import business activities. The readers can also add more information about terms used in international business trade below this post.Terms used in international trade business such as Nuclear suppliers group,Ocean bill of lading,Offset,On a bill of lading,On Consignment
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