A
An B C Con D E F G H I J K L M N O P Q R S Sp T U VWXYZ
Ocean Bill of
Lading
A receipt for the cargo and a contract for transportation between a shipper and the ocean
carrier. It may also be used as an instrument of ownership which can be bought, sold, or
traded while the goods are in transit. To be used in this manner, it must be a negotiable
"Order" Bill-of-Lading.
- A Clean Bill-of-Lading is issued when the shipment is received in good order. If damaged
or a shortage is noted, a clean bill-of-lading will not be issued.
- An On Board Bill-of-Lading certifies thaat the cargo has been placed aboard the named
vessel and is signed by the master of the vessel or his representative. On letter of
credit transactions, an On Board Bill-of-Lading is usually necessary for the shipper to
obtain payment from the bank. When all Bills-of-Lading are processed a ship's manifest is
prepared by the steamship line. This summarizes all cargo aboard the vessel by port of
loading and discharge.
- An Inland Bill-of-Lading (a waybill on rrail or the "pro forma" bill-of-lading
in trucking) is used to document the transportation of the goods between the port and the
point of origin or destination. It should contain information such as marks, numbers,
steamship line, and similar information to match with a dock receipt.
Ocean Freight Differential
OFD is the amount by which the cost of the ocean freight bill for the portion of
commodities required to be carried on U.S. flag vessels exceeds the cost of carrying the
same amount on foreign flag vessels. When applied to agricultural commodities shipped
under Food for Peace, OFD is the amount paid by the Commodity Credit Corporation.
O.E.C.D.
See Organization for Economic Cooperation and Development.
OECF
Japan's Overseas Economic Cooperation Fund.
Offene Handelsgesellschaft - OHG
German, meaning: "general partnership": is characterized by the unlimited and
direct liability of all partners who are jointly and severally liable. Their liability
cannot be restricted. The partnership must carry the family name of at least one partner
with reference to the kind of partnership (such as "& Co.").
Office of International Cooperation
and Development
The Department of Agriculture's OICD is responsible for cooperative international
research, scientific and technical exchanges, and liaison with international agricultural
organizations. OICD also directs training and technical assistance in efforts in
approximately 80 development countries.
Office of Munitions Control
See: Defense Trade Controls.
Official Development Assistance
Financial flows to developing countries and multilateral institutions provided by official
agencies of national, state, or local governments. Each transaction must be:
- administered with the promotion of the economic development and welfare of developing
countries as its main objective; and
- concessional in character and contain a grant element of at least 25 percent.
Offsets.
The term offsets is an umbrella label for a broad range of industrial and commercial
compensation practices required as a condition of purchase in commercial or
government-to-government sales of either military or high-cost civilian hardware. Whether
commercial or military, offsets involve overseas production that results in the creation
or expansion of industrial capacity in the importer's country. The compensatory forms of
offset include coproduction, licensed production, subcontractor production, overseas
investment, and technology transfer.
Coproduction permits a foreign government or producer to acquire the technical information
to manufacture all or part of a U.S.-origin article.
Licensed production of a U.S.-origin article involves transfer of technical information
under direct commercial arrangements between a U.S. manufacturer and a foreign government
or producer.
Subcontractor production of a U.S.-origin article usually involves a direct commercial
arrangement between the U.S. manufacturer and a foreign producer but does not necessarily
involve license of technical information.
Overseas investment arising from an offset agreement involves capital contribution toward
the establishment or expansion of a subsidiary or joint venture in a foreign country.
Technology transfer arises from agreement to conduct research and development abroad, to
provide technical assistance to a subsidiary or joint venture of overseas investment, or
to perform other activities under direct commercial arrangement between a U.S.
manufacturer and a foreign entity.
Countries require offsets for a variety of reasons: to ease (or "offset") the
burden of large defense purchases on their economies, to increase domestic employment, to
obtain desired technology, or to promote targeted industrial sectors. Governments
sometimes impose offset requirements on foreign exporters, as a condition for approval of
major sales agreements in an effort to either reduce the adverse trade impact of a major
sale or to gain specified industrial benefits for the importing country. In these
circumstances, offset requirements may be direct or indirect, depending on whether the
goods and services are integral parts of the product. In a direct offset, a U.S.
manufacturer selling a product uses a component that is made in the purchasing country. In
an indirect offset, the exporter would buy products that are peripheral to the manufacture
of its product.
See: Countertrade.
Offshore Banking Center
See: Offshore Banking Unit.
Offshore Banking Unit
An OBU is normally a foreign bank which conducts domestic moneymarket, Eurocurrency, and
foreign exchange settlements. OBUs cannot accept domestic depostis but their activities
are unrestricted by domestic authorities. OBUs are located in major financial centers
(known as offshore banking centers) with liberal reserve, tax, and capital market
requirements.
Offshore Dollars
See: Eurodollars.
Offshore Manufacturing
Offshore manufacturing is the foreign manufacture of goods by a domestic firm primarily
for import into its home country.
Old-To-Market
As defined by the International Trade Administration, old-to-market is a term which refers
to committed/experienced larger-scale firms. A significant portion of manufacturing
capability may be foreign sourced. Export sales volume is often in excess of 15 percent of
total sales.
On Board Bill Of Lading.
A bill of lading in which a carrier certifies that goods have been placed on board a
certain vessel.
OPEC
See Organization 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-End Contract
An open purchase order with a definite amount of money limit for specific material that
remains open over a stated contract period such as three, six or twelve months. Vendor to
be selected by public bid and material to be ordered in writing or by phone as needed.
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 Policy.
A cargo policy with no expiration date that provides automatic coverage of cargo to or
from an Assured in a specified trade at agreed rates, terms, and conditions. Usually
consists of separate Marine and War policies.
Operating Committee
The Operating Committee (chaired by the Commerce Department) is the first step in
resolving interagency disputes over the disposition of license applications for dual-use
items not reviewed by one of the other interagency working groups. The other working
groups include: (a) the Subgroup on Nuclear Export Coordination (SNEC), chaired by State
for applications involving nuclear concerns; (b) the Missile Technology Export Control
Group (MTEC), chaired by State for applications involving missile technology concerns; and
(c) the "Shield," chaired by State for applications involving chemical or
biological warfare concerns. These committees review applications and participate in the
dispute resolution. Prior to any escalation to the Advisory Committee on Export Policy
(ACEP), all applications must be reviewed by one of these working groups.
See: Advisory Committee on Export Policy.
Operating Differential Subsidy
ODS is a payment which the U.S. government makes to vessels carrying the American flag to
offset the difference in operating costs between U.S. and foreign carriers.
Operation Exodus
Operation Exodus is a U.S. Customs Service export enforcement program that was developed
in 1981 to help stem the flow of the illegal export of U.S.-sourced arms and technology to
the Soviet bloc and other prohibited destinations.
Order Bill Of Lading.
A negotiable bill of lading made out to the order of the shipper.
Orderly Marketing Agreement
A bilateral agreement between governments by which one government limits exports to the
other. Similar to a voluntary export restriction agreement or a voluntary restraint
agreement. Used to address injury to a domestic industry.
Contracts negotiated between two or
more governments, in which the exporting nation undertakes to ensure that international
trade in specified "sensitive" products will not disrupt, threaten, or impair
competitive industries or workers in importing countries.
Organizacion de los Estados
Americanos
See: Organization of American States.
Organization for Economic
Cooperation and Development (OECD)
The OECD is a group of 25 industrialized countries whose objectives are to promote
members' economic and social welfare and to stimulate and harmonize members' economic
development efforts in developing countries. The OECD was established in 1961 and its
headquarters are in Paris.
Organization of Petroleum Exporting
Countries (OPEC)
An association of 12 oil-exporting countries: Algeria, Gabon, Indonesia, Iran, Iraq,
Kuwait, Libya, Nigeria, Qatar, SAudi Arabia, the United Arab Emirates, and Venezuela.
Formed in 1960, its major purpose is to coordinate the petroleum production and pricing
policies of its members.
Organisation Mondiale de la
Propriete Intellectuelle
See: World Intellectual Property Organization.
Organisation pour la Mise en Valeur
du Fleuve Gambie
See: Gambia River Basin Development Organization.
Organisation pour la Mise en Valeur
du Fleuve Sénégal
See: Organization for the Development of the Senegal River.
Organization for Economic
Cooperation and Development
OECD provides a forum for discussion of common economic and social issues facing the
United States, Canada, Western Europe, Japan, Australia, and New Zealand. OECD was founded
in September 1960 as successor to the Organization for European Economic Cooperation
(OEEC) which had administered European participation in the Marshall Plan. OECD seeks
"to achieve the highest sustainable economic growth and employment and a rising
standard of living in member countries while maintaining financial stability and thus
contribute to the world economy." Members include: Australia, Austria, Belgium,
Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg,
Japan, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey,
the United Kingdom, and the United States. OECD headquarters are in Paris, France.
See: Arrangement on Guidelines for Officially Supported Export Credits.
Organization of African Trade Union
Unity
OATUU is recognized as the sole representative of African organized labor by the
Organization of African Unity (OAU) and the International Labor Organization (ILO). OATUU
is formally non-aligned and independent of all international trade union organizations,
but maintains relations with trade unions worldwide. OATUU headquarters are in Accra,
Ghana.
Organization of African Unity
The OAU, founded in May 1963 with 32 African countries, has since grown beyond 5 members.
The Organization aims to further African unity and solidarity, to coordinate political,
economic, cultural, scientific, and defense policies; and to eliminate colonialism in
Africa. Members include: Algeria, Angola, Benin, Botswana, Burkina Faso, Burundi,
Cameroon, Cape Verde, Central Africa Republic, Chad, Comoros, Congo, Cote d'Ivoire, Egypt,
Equatorial Guinea, Ethopia, Gabon, the Gambia, Ghana, Guinea, Guinea-Bissau, Kenya,
Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Mauritius, Morocco,
Mozambique, Namibia, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Seychelles,
Sierra Leone, Somalia, Sudan, Swaziland, Tanzania, Togo, Tunisia, Uganda, Zaire, Zambia,
Zimbabwe. OAU headquarters are in Addis Ababa, Ethiopia.
Organization of American States
The OAS (Spanish: Organizacion de los Estados Americanos, OEA), or the Pan American
Union, is a regional organization created in Bogota, Colombia in April 1948 (entered into
force in December 1951) which promotes Latin American economic and social development.
Members include the United States, Mexico, and most Central American, South American, and
Caribbean nations. Members include: Antigua and Barbuda, Argentina, the Bahamas, Barbados,
Belize, Bolivia, Brazil, Canada, Chile, Colombia, Costa Rica, Cuba (participation
suspended), Dominica, Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala,
Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, St.
Christopher-Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Trinidad and
Tobago, the United States, Uruguay, and Venezuela. The U.S. accredits an Ambassador to the
OAS. The OAS secretariat is located in Washington, D.C.
See: Sistema de Informacion al Comercio Exterior.
Organization of Arab Petroleum
Exporting Countries
OAPEC was created in 1968; members include: Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya,
Qatar, Saudi Arabia, Syria, and the United Arab Emirates. Headquarters are in Cairo,
Egypt.
See: Organization of Petroleum Exporting Countries.
Organization for the Development of
the Senegal River
The Organization (French: Organisation pour la Mise en Valeur du Fleuve S‚n‚gal,
OMVS) promotes hydroelectric, irrigation and navigation use of the Senegal river. The
organization was established in March 1972; headquarters are in Dakar, Senegal. Members
include: Guinea-Bissau, Mali, Mauritania, and Senegal.
Organization of Eastern Caribbean
States
OECS was intended to promote territorial integrity; changing focus includes the recent
founding of an export development agency. The Organization was established in 1981;
headquarters are in St. Lucia. Members include: Antigua and Barbuda, Dominica, Grenada,
Montserrat, Saint Christopher and Nevis, Saint Lucia, Saint Vincent, and the Grenadines.
Organization of the Islamic
Conference
The OIC, established in May 1971, promotes cooperation in cultural, economics, scientific
and social areas among Islamic nations. Headquarters are located in Jeddah, Saudi Ar abia.
About half the ICO members are also members of the Organization of African Unity. OIC
members include: Afghanistan, Algeria, Bahrain, Bangladesh, Benin, Brunei, Burkina Faso,
Cameroon, Chad, Comoros, Cyprus, Djibouti, Egypt, Gabon, the Gambia, Guinea,
Guinea-Bissau, Indonesia, Iran, Iraq, Jordan, Kuwait, Lebanon, Libya, Malaysia, Maldives,
Mali, Mauritania, Morocco, Niger, Nigeria, Oman, Pakistan, Qatar, Saudi Arabia, Senegal,
Sierra Leone, Somalia, Sudan, Syria, Tunisia, Turkey, Uganda, the United Arab Emirates,
and Yemen.
Organization of Petroleum Exporting
Countries
An association of the world's oil-producing countries, formed in 1960, with headquarters
in Vienna, Austria. The chief purpose of OPEC is to coordinate the petroleum policies of
its members: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar,
Saudi Arabia, the United Arab Emirates, and Venezuela.
See: Organization of Arab Petroleum Exporting Countries.
Orientation Visits
See: Trade and Development Agency.
Overseas Business Reports
These are marketing studies of America's major trading partners which provide updated
export and economic outlooks, industrial trends, trade regulations, distribution and sales
channels, transportation, and credit situation in individual countries.
Overseas Economic Cooperation Fund
The OECF, a Japanese government development financial institution, provides developing
countries and areas with grants and long-term, low-interest loans. As a result of
difficulty in distinguishing between the Fund and the Export-Import Bank of Japan, a 1975
reorganization put OECF in charge of all direct loans to be made as official development
assistance (ODA) with the grant element of 25 percent of more. The Fund was created in
1961; headquarters are in Tokyo, Japan.
See: Export-Import Bank of Japan; Japan International Cooperation Agency.
Overseas investment.
(also one of the means of implementing Offsets - see under Offsets)
Investment arising from the offset agreement, taking the form of capital invested to
establish or expand a subsidiary or joint venture in the foreign country.
Overseas Private Investment
Corporation
OPIC is a government corporation which assists U.S. private investments in less developed
nations by providing direct loans and loan guarantees, insuring against a broad range of
political risks, and providing a variety of investor services. The overseas investments
may include distributorships owned by U.S. manufacturers which are consistent with the
economic interests of both the United States and the developing country involved. OPIC was
formed as a part of the Agency for International Development in 1961 and became an
independent agency 10 years later. Telephone: 800-424-6742.
Back to Business
Bookstore
Visit Business
Reading Room
|
|
