Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: Finance

OR NEAR OFFER (ONO)

Term used for second hand items that describes limited scope for negotiation with the buyer.

ORDER POLICY

Standardized instructions for the replenishment of stock, such as when order point is reached or when stock is completely exhausted.

ORDINARY REPAIR

Repairs to assets caused by day-to-day wear and tear that are required to maintain the asset?s functionality. These repairs do not increase the value of capital assets, they merely preserve value.

ORIGINATING FLIGHT

Listed at the top of airline tickets, this is the first flight in an itinerary.

OTHER LIABILITIES

Classification term that applies to small liabilities, or interest-free liabilities that are payable for a period of more than one year.

OUTBOUND

1. Going out (e.g. a flow) or leaving (e.g. passengers). 2. The first leg of a voyage (i.e. the departing flight).

OUTPATIENT

A patient who does not reside in a hospital, but who travels to hospital to receive treatment.

OVER, SHORT, AND DAMAGED (OS&D)

This report is lodged by the receiver of shipment. In this report a claim against the carrier of the shipment is made to cover the cost of over-shipment, short-shipment and goods damaged

OVEREXTENDED

This occurs when one has taken on commitments beyond one?s capacity to meet (e.g. financial, production, orders).

OVERNIGHT DELIVERY

A delivery that is guaranteed to arrive at its destination the day after it ships.

OVERT ACT

A physical action that gives someone reasonable belief that another party intends to harm or kill them, used to justify self-defense.

OXIDIZE

The chemical alteration of a substance by mixing it with oxygen.

NOMINAL VARIABLES

Also known as categorical variables or the variables in financial equations that are not dependent on the rate of inflation and other such factors.

NON VESSEL OPERATING COMMON CARRIER (NVOCC)

A freight forwarder or shipment consolidator who does not have ownership of the vessel, but assumes responsibilities for the shipments and issuing its own bills of lading and airway bills.

NONBRANDED GOODS

Generic Goods that bear close resemblance to the goods produced by popular brands and establishments. And as such, they are considered to be of low quality and price due to market perception.

NONCONCURRENCY

The discrepancy that causes the underinsurance of property in the event of a loss. This occurs when the same property is covered for the same danger by different policies, but differ in

NON-EQUITY SHARE

A financial instrument such as a bond or a stock that is not a part of the other equities held by the company.

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