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Glossary of Trade Terms
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O
- OD - Outside Diameter.
- Open Account - A trade arrangement in which goods are shipped to a foreign buyer without guarantee of payment such as a note, L/C, or other formal written evidence of indebtedness.
- Open Policy - A cargo insurance policy that is an open contract; e.g., it provides protection for all shipments in transit within a specified geographic trade area for a limited period of time. It is referred to as "open" because it does not require reporting of individual shipments. Summary or grouped reporting requirements vary with different policies.
- O/R - Owner's Risk.
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