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O Dictionary Terms

OC (Abbr)
Prefix on Central zone registration.
Oce-100
See Your Rights and Responsibilities When You Move.
OE (Abbr)
Prefix on Eastern zone registration.
Offer
A written proposal made by the potential buyer to the seller in the purchase of property.
Ocean Bill of Lading
A receipt for the cargo and contract for transportation between a customer and an ocean carrier between points and/or ports as stated on the document. It can either be negotiable or non-negotiable.
Office of Export Administration (OEA)
A federal agency that investigates and controls exports of certain articles of U.S. manufacture or technologies, as well as limits the countries to which such articles can be exported. Numerous such articles and technologies require valid export licenses or permits issued by OEA for exportation to countries and, in some instances, exportation will be prohibited.
OPA (Abbr)
Out Per Agent.
Open-End Mortgage
An expandable mortgage allowing the mortgagor to borrow more money without rewriting the initial mortgage.
Open Listing
Unlike the exclusive right to sell listing, this gives the opportunity of securing a purchaser to a number of real estate brokers without the disadvantage of compensating any agent except the one who secures a buyer or acceptance by the seller.
Open Mortgage
Gives the borrower the ability to make a partial or full payment of the principal at any time and without penalty.
Operating Authority
The government permit that defines the scope of a carrier's operation by area and commodity.
Opinion of Value
See Broker Price Opinion.
Option
The right to purchase a property under certain conditions, time limitations and a designated price.
Oral Contract
A verbal agreement.
Order for Service
A written agreement between the individual shipper and Atlas authorizing Atlas to move the customer's goods. This is not the contract, but is used as a supporting document to the bill of lading.
Origin
The beginning location from which a shipment is transported.
Origin Agent (OA)
The agent at origin who handles the estimating, scheduling, conducting of a survey, packing and loading of a shipment at the place of departure. The origin agent and the booking agent may or may not be one in the same.
Origination Fee
A onetime fee for the cost of a mortgage application. Also called Mortgage Service Charge.
Origin Dispatch
Area dispatch office servicing the region in which a shipment originates.
Origin Service
A service like packing, arranging for appliance servicing and maid service provided by the origin agent at the origin of a shipment.
Outside Examination
Inspection and release of a shipment by the U.S. Customs Service at a point within the confines of a port of entry other than the point or location at which the cargo was discharged into the port. Relative to household goods, it would normally refer to the destination agent's warehouse or, if possible, the customer's destination residence. See Permit to Transfer.
Overage
The accidental delivery of an item to a customer or warehouse when the item actually belongs to someone else. All overages should be reported immediately to Atlas or to its agent so that it can be returned to the rightful owner.
Overcharge Claim
A claim filed by a customer regarding transportation charges, packing or other services, rather than property damage.
Overflow (OF)
The portion of a shipment that cannot be loaded on one van or into one container due to lack of available space. Another van is assigned to load overflow portions.
Over-Improvement
An improvement made to land that is not the highest and best use because of its excess cost or size.
Overseas Premium
See Foreign Service Premium.
Overtime (OT)
A CWT charge to the customer where, because of customer convenience, laws or ordinances, the shipment is delivered after the normal business hours of Monday-Friday, 8:00 a.m. to 5:00 p.m. It cannot be charged if it is at Atlas' convenience.
OW (Abbr)
Prefix on Western region.
Owner-Operator
The driver, operator or the legal owner of the tractor.
Owner's Duplicate Certificate
See Torrens System. Also called Transfer Certificate of Title.
Owner's Title Insurance
See Title Insurance.
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