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

Category: Finance

OIL AND GAS LIMITED PARTNERSHIP

A type of limited partnership that offers minimal threat to the participating partner in the field of the discovery, extraction and purification of oil and natural gases, as the most losses that

OMBUDSMAN

Appointed by governments to investigate complaints from citizens against large organizations (e.g. public bodies, corporations, the media). Typically, ombudsmen have wide-ranging investigative authority, but their punitive powers tend to be limited.

ONCOGENIC

An adjective that describes something known to cause tumors, or to be directly linked to the appearance of tumors.

ONLINE CORPORATE REPUTATION

How a corporation is perceived by Internet users. This will often be determined in blogs, public forums and web articles. Reputation management services can influence online reputation by addressing negative comments and

OPEN ACCOUNT

1. Accounting: An account with an unpaid balance or one with a positive credit balance. 2. Commerce: The credit relationship that enables the buyer to pay on a deferred payment basis.

OPEN END CONTRACT

An agreement that does not restrict the quantity of products or services a consumer can purchase during the agreement period.

OPEN PERILS

Type of insurance that provides compensation for property damage caused by any hazards not specifically excluded by the policy.

OPEN TENDER

A bidding system that is not private. It is opened for all qualified bidders. Bids are then chosen openly, based on price and quality.

OPERATING INTEREST

Legal owner of oil and gas rights, including revenues produced, but also responsible for operating costs.

OPPORTUNITY COST

The cost of using a resource to acquire one thing instead of another. As all resources can be used in multiple ways, using them in one way invariably involves some opportunity cost.

OPTIONALLY RENEWABLE

An insurance contract that can be terminated by the insurer only on its anniversary or its due to date, but at no other point.

ORDER FOR ACCOUNT

A court order, requiring an investigation into the amount owed as the result of an agreement between one party and another.

ORDINARY LIFE PENSION TRUST

This sort of pension plan is funded by a trust. It provides death benefits through life insurance coverage plans. The insurance premiums are paid by the firm until the employee retires, when

ORGANIZATION

A group of people, structured in a specific way to achieve a series of shared goals. Relationships within an organization are determined by its structure and are typically based upon role and

ORGANIZATIONAL DEVELOPMENT (OD)

Systematic changes to the behavior and attitudes of an organization?s employees, through long-term training. An action-oriented process, OD begins with an analysis of current trends and the desired organizational culture. Techniques, such

ORIGINAL BILL OF LADING (B/L)

B/L that is used when delivering a shipment or to file a claim for damaged or lost goods. Other copies are only for records.

OTHER COSTS

Classification term that applies to costs not recorded as direct labor, direct material or overheads.

OUT OF ORDER

Unavailable for a short time because minor repair work is necessary.

OUTLINE FONT

A font that is based upon the mathematical formula for each character, that can be scaled to any size and makes use of a display or printing device?s full potential.

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