Glossar Trade & Export Finance
Glossar (O)

Objection

An objection is a person's right and the means to prevent a third party from enforcing a claim against it.

Ocean/Marine bill of lading

See under «Bill of lading».

OECD

Organisation for Economic Co-operation and Development, Paris.

On board

Pre-printed wording on the bill of lading which indicates that the goods have been loaded on board or shipped on a named ship. In the case of received for shipment bills of lading, the following four parties are authorised to add this «on board» notation:

  • the carrier

  • the carrier's agent

  • the master of the ship

  • the master's agent See UCP Art. 19, 20, 21, 22.

On deck

Notation on the bill of lading which indicates that the goods have been loaded on the deck of the ship. Documents with an «on deck» notation will only be accepted if expressly authorised in the credit.

Original documents

Shall be considered in the frame of a documentary credit as original, a document bearing an apparently original signature, mark, stamp, or label of the issuer of the document. See UCP Art. 17.

On their face

Banks must examine documents with reasonable care to ascertain whether or not they appear, on their face, to be in compliance with the terms or conditions of the documentary credit. See under UCP Art. 14.