Category: O

A legal outcome that automatically occurs whether or not the affected party intends it to.

The wage employers can pay workers under 20 years of age. Although lower than minimum wage, there are several restrictions on its use.

Situation in which a company is producing a high quantity of goods at the lowest possible cost per unit.

Term used for second hand items that describes limited scope for negotiation with the buyer.

Standardized instructions for the replenishment of stock, such as when order point is reached or when stock is completely exhausted.

Repairs to assets caused by day-to-day wear and tear that are required to maintain the asset?s functionality. These repairs do not increase the value of capital assets, they merely preserve value.

Founded in 1968 by conservative Arab states intending to generate international economic cooperation among petroleum producing and exporting countries.

Union activity, aimed at persuading the members of an organization to join the union.

Listed at the top of airline tickets, this is the first flight in an itinerary.

Classification term that applies to small liabilities, or interest-free liabilities that are payable for a period of more than one year.

1. Going out (e.g. a flow) or leaving (e.g. passengers). 2. The first leg of a voyage (i.e. the departing flight).

A patient who does not reside in a hospital, but who travels to hospital to receive treatment.

This report is lodged by the receiver of shipment. In this report a claim against the carrier of the shipment is made to cover the cost of over-shipment, short-shipment and goods damaged

This occurs when one has taken on commitments beyond one?s capacity to meet (e.g. financial, production, orders).

The risk that a seller in a different time zone might not fulfil their obligation, which the buyer will only discover on the following trade day. The greater the time zone difference,

Medicines that can be purchased from a pharmacist without prescription.

1. Accounting: The goods or services that was purchased. 2. Modeling: The modeling arhitecture’s portrayal of a real world situation through a representation. 3. Programming: A program that consists of data and

Items that are replaced due to their fall in value or functionality as a result of the availability of cheaper and better stock. They are cleared through the use of significant discounts

A breach of contract is possible if the principal requirements that is so integral to the contract is not fulfilled.

A strategy implemented by a company that intends to stay ahead of its competition, through investments in technology and research and development. This strategy is particularly useful when trying to change the