Tuesday, August 4, 2009

Trade Terms Tuesday

Welcome to Trade Terms Tuesday! Each Tuesday, we will share three trade-related terms. In order to reach out to our diverse readership, we will try to provide one for exports, one for imports and one for logistics/transportation. This week, we continue with the O’s.

Over, Short, and Damaged (OSD)
OSD is the term used for a report that lists discrepancies between the bill of lading and the actual merchandise received. Receiving “more” of a product than listed on the lading is an overage. If goods are “missing,” then the shipment is short.

Other Government Agencies (OGA)
OGA is an acronym used to indicate the involvement of agencies other than CBP without specifying those agencies. Examples of other government agencies include the FDA, USDA, FWS, CPSC, DOT, FCC and more.

Office of Foreign Assets Control (OFAC)
As part of the Department of Treasury, OFAC regulates trade and financial transactions with embargoed countries. OFAC administers and enforces economic and trade sanctions against targeted foreign countries, terrorism sponsoring organizations, international narcotics traffickers and other threats to national security.

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