| Ocean Bill Of Lading |
A contract between an exporter and
an international carrier for transportation of goods
to a specified foreign port. Unlike an inland bill
of lading, the ocean bill of lading is a collection
document, an instrument of ownership that can be bought,
sold or traded while the goods are being shipped.
There are two types of ocean bills of lading used
to transfer ownership: - Straight (non-negotiable):
provides for delivery of goods to the person named
in the bill of lading. The bill must be marked non-negotiable.
- Shippers Order (negotiable): provides for delivery
of goods to the person named in the bill of lading
or anyone designated. The shippers order is used with
draft or letter-of-credit shipments and enables the
bank involved in the export transaction to take title
to the goods if the buyer defaults. The bank does
not release title to the goods to the buyer until
payment is received. The bank does not release funds
to the exporter until conditions of sale have been
satisfied. |
| On Board Bill Of Lading |
A bill of lading in which a carrier certifies that
goods have been placed on board a certain vessel. |
| Open Account (O/A) |
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 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. |
| Operator |
A corporation, partnership, or person that operates
a zone or subzone under the terms of an agreement
with the Grantee. |
| Operator's Bond |
All zone operators must submit to Customs a bond
to assure compliance with Customs regulations. |
| Order (To) |
The phrase To Order is sometimes shown on Bills
of Lading against consignee: this means that the Bill
of Lading must be endorsed in blank by the shipper
(i.e. not to any particular named party which makes
it bearer document and it becomes transferable by
delivery.) |
| Order Bill Of Lading |
A negotiable bill of lading made out to the order
of the shipper. |
| Order Bill Of Lading |
A negotiable bill of lading made out to the order
of the shipper. |
| 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. |
