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Online Transaction Processing
A class of
software programs that gather input
information, process the data, and update
existing data for transactions involving
payment.
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Open Account Purchase
A purchase by a buyer
who has established credit with a supplier,
payment for which is to be made at some
future date, in accordance with terms agreed
upon when the account was established.
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Open Bidding Service (OBS)
CANADA An online
electronic bulletin board and bid document
request system that gives suppliers flexible
and open access to government procurement
opportunities.
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Open Insurance Policy
A form of insurance that
covers shipments for a specified time, or a
stated value, and is not limited to a single
shipment; the premium is determined based
on the values reported.
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Open Market Purchase
A purchase, usually of a
limited monetary amount, from any available
source.
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Open Order
Items of supply not delivered or not
accepted by the ordering entity, leaving an
incomplete or unfilled order.
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Open-End Contract
A contract that sets forth the
general provisions of supplies and services
that may be delivered or performed within a
given period of time, but in which quantity
and/or duration is not specified (quantity and
delivery are specified with the placement of
orders). See also: Price Agreement,
Requirements Contract, Blanket Order.
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Open-End Pricing
The amount a buyer is to pay a
seller for goods or services delivered based
on the price in effect at the time of delivery
rather than specified in a contract or
purchase order. See also: Price at Time of
Delivery, Price Prevailing at the Date of
Shipment.
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Operating Budget
All of the revenues and
expenditures to cover the current fiscal period
of the government.
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Operating Lease
A service lease, usually shortterm,
that includes both financing and
servicing of the item leased; payments made
under the lease are generally not sufficient to
recover the full cost of the equipment. See
also: Financial Lease.
