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Open policy (OP)

A type of insurance policy intended to cover and indefinite number of future individual requirement. The insurance contract remains in force until canceled. Under the open policy, individual successive shipments are periodically reported or declared to the insurer and automatically…

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Open top container

A container fitted with a solid removable roof, or with a tarpaulin roof so the container can be loaded or unloaded from the top.

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Open-end contract

A contract by which the buyer may purchase the seller´s goods at any time within a specified period without changes in the price or other contract terms.

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Opportunity cost

The cost of any activity, measured in terms of the value of the next best alternative that was not selected.

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Option

In foreign exchange, the contractually agreed upon right to buy (call options) or sell (put options) a specific amount of an underlying instrument at a predetermined price on a specific date (European option) or up to a future date (American…

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