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

Category: O

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.

OVER AND ABOVE WORK

Additional work discovered during the completion of a contract that falls within the scope of the project, is necessary for the project to be completed, but is not covered by the terms

OVERCONTRIBUTION

Paying more into a tax deductible retirement plan than is permitted for a given period of time. Usually, this results in a penalty to the contributor.

OVERLEARNING

Repetition of learning beyond the amount required to retain the information.

OBLIGATED BALANCE

The balance in the budget account that is unspent, but it is reserved for a previously allocated purpose.

OCTANE NUMBER

This number provides a good measure of the gasoline’s ignition quality. A higher octane number corresponds to a smaller chance of premature combustion when subject to combustion in a standard engine. It

OFF THE JOB TRAINING

The training of employees at a location other than the usual work location, through the use of simulation, lectures,etc.

OFFICE SUPPLIES EXPENSE

The record of the transaction on the balance sheet that corresponds to the amount spent on the purchase of office supplies.

OFFLOADING

1. Also known as discharging, it refers to the process of unloading the cargo from a transportation vehicle. 2. The blissful sale of a product at the offered price

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

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