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TERM |
DEFINITION |
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Obligee (Ins) |
Broadly,
anyone in whose favor an obligation runs. This term is most frequently used
in surety bonds, where it refers to the person, firm or corporation
protected by the bond. |
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Obligor (Ins) |
Commonly
called principal; one bound by an obligation. Under a bond, strictly
speaking, both the principal and the surety are obligors. |
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OBL |
Original Bill of Lading
- A document which requires proper signatures for consummating carriage of
contract. Must be marked as "original" by the issuing carrier. |
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OBO |
- Or Best Offer
- Ore/Bulk/Ore Vessel -
A multipurpose ship that can carry ore, heavy dry bulk goods and oil.
Although more expensive to build, they ultimately are more economical
because they can make return journeys with cargo rather than empty as
single-purpose ships often must |
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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. |
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OCP |
See "Overland Common Points." |
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Occurrence Coverage
(Ins) |
A policy
providing liability coverage only for injury or loss that occurs during the
policy period, regardless of when the claim is actually made. (See also:
Claims Made") |
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OCS REF |
OCS Reference Number |
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OCS Reference Number |
Number assigned to certain shipping /
booking by Overseas Container Services |
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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. |
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O.E.C.D. |
Organization of Economic Cooperation and Development,
headquartered in Paris with membership consisting of the world's developed
nations. |
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Offer |
See "Tender" |
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Offload |
Discharge of cargo from
a ship |
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Offshore |
Contracting work carried out at sea (e.g. drilling for oil). |
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Oh Shoot! We're Out Of Stock (OSWOOS) |
Logistics Management Inventory Term referring to inventory management by
crisis or haphazard: "Oh Shoot! We're Out Of Stock" as opposed to JIT
(Just-In-Time) inventory management. |
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OIC |
Oh, I See |
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Oil Bulk Ore Vessel |
A multipurpose ship that can carry ore, heavy dry bulk goods and oil.
Although more expensive to build, they ultimately are more economical
because they can make return journeys with cargo rather than empty as
single-purpose ships often must. |
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Oil Tanker |
A ship designed for the
carriage of oil in bulk, her cargo space consisting of several or many
tanks. Tankers load their cargo by gravity from the shore or by shore pumps
and discharge using their own pumps |
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OLL |
On Line Love |
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OMG |
Oh My God |
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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. |
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Oncarriage |
Carriage of goods by any mode of
transport to place of delivery after discharge from ocean vessel at port of
discharge. |
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On Deck |
A notation on a bill of lading that the cargo has been stowed
on the open deck of the ship. |
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One-Way Pallet |
See "Disposable Pallet" |
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Online
Receiving |
A system
in which computer terminals are available at each receiving bay and
operators enter items into the system as they are unloaded. |
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OO (Owner Option) |
At discretion or choice of Owner |
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Open Account |
A trade arrangement in which goods are shipped to a foreign
buyer without guarantee of payment. |
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Open Cover (Ins) |
An
agreement whereby the Assured undertakes to declare every item (e.g.
shipment, vessel, etc. as appropriate) that comes within the scope of the
cover in the order in which the risk attaches. The insurer agrees, at the
time of concluding the contract, to accept all valid declarations up to the
agreed limit for each declaration. An open cover may be for a fixed period
or always open; subject to a cancellation clause. |
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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.
Policies containing all terms and conditions, but which separately record the
amount and term of each risk to be covered. Also, a term used to describe
policies written with no natural expiration date, but which stay in effect until
cancelled. |
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Open Rates |
Pricing systems that are
flexible and not subject to conference approval. Usually applied to products
in which tramps are substituted for liners. |
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Open Registry |
A term used in place of
"flag of convenience" or "flag of necessity" to denote registry in a country
which offers favorable tax, regulatory, and other incentives to ship owners
from other nations. |
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Open-Sided Container |
Shipping
container with frames with wire-mesh at the sides covered by means of a
tarpaulin which can be dropped down to give unrestricted access to the sides
of the container for loading or discharging. |
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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. |
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Operating Differential Subsidy |
A payment
to an American-flag carrier by the U.S. government to offset the difference
in operating costs between U.S. and foreign vessels. |
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Operating Ratio |
A comparison of a carrier's operating expense with its net
sales. The most general measure of operating efficiency.
A measure
of operating efficiency defined as Operating expenses divided by the
Operating revenues x 100. |
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Operator |
The party
responsible for the day to day operational management of certain premises
such as ware-houses, terminals and vessels. |
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O.P.I.C. |
Overseas Private Investment Corporation. |
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Optimum Cube |
The highest level of cube utilization that can be achieved
when loading cargo into a container. |
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Optional Cargo |
Cargo of
which the final destination is not known at the moment of booking but will
be indicated during the transport. |
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Optional Port |
A port of
which it is not known whether or not it will be called by a vessel during a
voyage. |
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Order |
A type of
request for goods or services. |
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Order Cycle |
The time
spent and the activities performed from the time an order is received to the
actual delivery of the order to a customer. |
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Order Cycle Time |
The time
that elapses from placement of order until receipt of order. This includes
time for order transmittal, processing, preparation, and shipping.
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Order Fill |
A measure
of the number of orders processed without stockouts, or the need to back
order, expressed as a percentage of all orders processed in the distribution
center or warehouse. |
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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. |
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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. |
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Order Picking |
Assembling
a customer's order from items in storage. |
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Order Processing |
The
activities associated with filling customer orders. |
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Ordering Cost |
The cost
of placing an inventory order with a supplier. |
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Origin |
Location where shipment begins its movement. |
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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. |
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OSD or OS&D |
Abbreviation for "Over, Short or Damaged" Usually discovered
at cargo unloading. |
| OSH |
Open Shelter deck |
OSWOOS
(Oh Shoot! We're Out Of Stock) |
Logistics Management Inventory Term referring to inventory management by crisis
or haphazard: "Oh Shoot! We're Out Of Stock" as opposed to JIT (Just-In-Time)
inventory management. |
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OTF |
Off The Floor |
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OTOH |
On The Other Hand |
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OTT |
Over The Top |
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OTTOMH |
Off The Top Of My Head (I guess...) |
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Out Gate |
Transaction or interchange that occurs at the time a container
leaves a rail or water terminal. |
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Out-Of-Gauge Cargo |
Cargo
which dimensions are exceeding the normal dimensions of a 20 or 40 feet
container, e.g. overlength, overwidth, overheight, or combinations thereof |
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Out-of-Pocket Cost |
The cost
directly assignable to a particular unit of traffic and which a company
would not have incurred if it had not performed the movement. |
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Outsider |
A carrier,
which operates on a route served by a liner conference but which is not a
member of that conference. |
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Outsourcing |
Purchasing
a logistics service from an outside firm, as opposed to performing it
in-house. |
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Outturn Report |
Written
statement by a stevedoring company in which the condition of cargo
discharged from a vessel is noted along with any discrepancies in the
quantity compared with the vessel's manifest. |
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Outward Handling |
The
operations to be performed on outgoing goods from a production unit, both
administrative and physical, starting at the moment forwarding orders can be
executed to the moment of actual departure of the goods. |
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Overage (Ins) |
An
additional premium charged on a cargo open cover declaration because the
carrying vessel is outside the scope of the classification clause. |
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Over Pivot Rate |
The rate
per kilogram to be charged for the over pivot weight (aircargo). |
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Over Pivot Weight |
The weight
in excess of the pivot weight (aircargo). |
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Over-The-Road |
A motor
carrier operation that reflects long-distance, intercity moves; the opposite
of local operations. |
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Overboard |
Over the side or out of ship |
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Overcharge |
To charge more than the proper amount according to the
published rates. |
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Overheight Cargo |
Cargo more than eight feet high which thus cannot fit into a
standard container. |
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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. |
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Overlength Cargo |
Cargo,
exceeding the standard length |
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Overpack |
A unit used by
a single shipper to contain one or more packages and to form one handling unit
for convenience of handling and stowage. Dangerous goods packages contained in
the overpack must be properly packed, marked, labelled and in proper condition
as required by the Regulations regarding dangerous goods (aircargo). |
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Overtonnaging |
A situation where there are
too many ships generally or in a particular trade for the level of available
cargoes |
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Overwidth Cargo |
Cargo,
exceeding the standard width |
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Owner |
The legal
owner of cargo, equipment or means of transport. |
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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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Owner Operator (OO) |
A trucking
operation in which the truck's owner is also the driver. |
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OWS |
Owners |
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DISCLAIMER: These terms and definitions have been gathered
from many sources public and private. This list is designed to serve as a
reference. No warranty for the accuracy is stated nor implied. |
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5 Steps + 2
Minutes = AllCovered --- Paperless -- No Monthly Reporting
-- Cargo - Bonds - BOL Liability/E&O -
Warehouse - Business Insurance --
-- We have Logistics AllCovered -- |
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These terms, abbreviations
and descriptions have been gathered from many sources
online and in print. No warranty for their accuracy is stated nor implied. |
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Last Updated:
Monday, 08 June 2009 13:31:07 -0500 |
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