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

Category: O

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.

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.

OBLIGATIONS INCURRED

The amount at which transactions such as order placements, buying and selling of goods take place.

OCTET

Used primarily in the telecom industry, it is a substitute name for a 8bitbyte.

OFF THE RECORD

A statement that is intended to be a part of the proceedings such as a court case.

OFFICE VISIT

The services that are offered by the physician when a visit is paid to his office.

OFFSETTING BALANCE

The amount that is required to prevent a loan account from dropping below the recommended balance.

OIL AND GAS LOTTERY

A program formerly headed by the US Bureau of Land Management that established the auction program for oil and gas leasing. It is also referred to as the oil and gas lottery

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