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

Category: Finance

OPT OUT

Explicit instruction not to send marketing materials to an individual.

OPTION HOLDER

A buyer of options who has yet to exercise or sell an option.

ORGANIZATIONAL POLITICS

Selfish pursuit of individual agendas by members of an organization, with no regard to the impact on the organization?s stated goals.

ORIGINATION FEE

This charge is imposed by a lender on a borrower to cover costs incurred during the mortgage application.

OUTPLACEMENT

The means by which a company helps recently laid off employees find alternative employment. Typically involves the commission of an outside agency, paid for by the company doing the laying off.

OVERHEAD

1. A resource that is used up during a process, that is not part of the finished product. 2. Accounting: An expenditure or cost that (1) is related to either a specific

OVERNIGHT RATE

These are the interest rates charged by one bank to another for providing funds overnight.

OVERTIME

Hours that are worked in addition to an employee?s usual working hours (depending on company rules, contracts, union agreements and the law).

NOMINAL WAGE

Wage in current dollars, as an indicated of its purchasing power of goods and services. It differs from its true value.

NON ZERO SUM GAME

The sum of winnings and losses of all player does not add up to zero and represents a possibility where everyone can win. In game theory, this refers to the situation when

NON-BUSINESS DAY

Days such as public holidays or the weekend when business transactions do not take place. If a contract is due on a non-business day, it is usually processed on the first business

NON-DELEGABLE DUTY

1. General: An obligation that cannot be outsourced to a third party according to the terms of the contract. In the event that it is delegated, the second party reserves the right

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