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

Category: O

ON BOARD

Common term used in shipping documents, such as bills of lading. Its use is not standardized, but the term usually means that the goods have been “received for carriage”. This may or

ONE-TIME BUYER

A consumer who purchases only one product or service from a business. With the correct incentives, a one-time buyer may become a repeat customer.

ONSHORE

1. The country in which you legally reside (and whose courts have jurisdiction over you). 2. On dry land, not at sea.

OPEN COMPETITIVE BIDDING

A bidding contest that concludes with the opening of sealed bids in a public forum, enabling all interested parties to witness the bids.

OPEN INFLATION

The rise in the cost of products and services as a result of spending trends.

OPEN REPO

A repurchase agreement that does not set a date for repurchase and that can be terminated by either party at any time. Rates are adjusted each day, based on current market rates.

OPENING BALANCE SHEET

The initial figures used in a financial plan. For established businesses, these figures are based on the balance sheet from the previous accounting period. For new businesses, the figures are based on

OPERATIONAL PERFORMANCE

The performance of the company against prescribed standards, such as compliance with regulations, waste reduction, productivity, etc.

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.

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