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

Category: O

OPTION TO RENEW

In a contract, this clause allows the buyer, obligor or a lessee to renew a concluded contract for another term.

ORDER BOOK

When an initial public offering of shares is made, this is a list of investors who have subscribed to buy shares.

ORGANIC GROWTH

The rate at which a company will grow using only its own resources, without borrowing or buying other firms.

ORGANIZATIONAL COMMUNICATION

The study of communication within and between organizations. It considers the impact of communication structures on the individuals within those structures, and can contribute to effective management.

ORGANIZED CRIME

Long-term criminal activity conducted in a structured and systematic manner, with the aim of generating illicit income. The activities and techniques vary, often involving violence, theft, fraud and trade in illicit items

OTHER STRUCTURES

Structures that are covered by homeowner insurance, but that are not part of the main property (e.g. sheds, garages, gazebos).

OUTGO

Operating costs that exceed income generation.

OUTPUT GAP

The gap that exists between the actual GDP of a country and the GDP of the country at maximum capacity or efficiency. A negative output gap suggests improper allocation or use of

OVERHEAD RATIO

The amount of revenue that must be generated to cover the daily cost of manufacturing.

OVERRUN

1. A product (or print) run that exceeds orders for the finished articles. 2. A cost in excess of the budgeted amount.

OWN PRICE ELASTICITY OF DEMAND

The increase (or decrease) in the demand for a product, divided by the decrease (or increase) in its price, assuming other variables remain constant.

OBJECTIVE

1. The use of available resources to achieve a target(the objective), within a specified timeframe. A collection of goals is usually termed as an objective.Policy appraisals and performance appraisals are based on

OCEAN BILL OF LADING (B/L)

A bill of lading for the journey that takes places in the ocean and includes various modes of transportation such as by air or by sea.

OFF SEASON

The period of the year when the demand of a particular good or a service is the lowest in the annual cycle.

OFFICE OF PERSONNEL MANAGEMENT (OPM)

A department for federal government employees that deal with human resources. The OPM provides valuable services such as recommendation of certain individuals for promotion, innovationin the field of human resource practice and

OFFSITE STORAGE

A storage facility to protect the storage of magnetic media, microfilm, etc, usually at a remote location. Nowadays, sites rent out space on their hard drives to customers that allows easy storage

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