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Open-ended lease 1) Lease for hire of goods (usually vehicles) where date of termination is not specified leaving facility to negotiate when required. Normally pre-established termination charges are incorporated in lease document so lessee can determine most economical time to terminate depending on use of asset/market value, etc. Open cover 1) A cargo insurance agreement covering all shipments made by the assured during a stated period of time. Usually subject to a cancellation clause and a limit on the value insured in any one ship. Open book costing 1) System of costing whereby the service provider makes all his costs visible to the client - ie transparency. Open account trading 1) Method of payment for exported goods whereby buyer settles in arrears, usually periodically - normally used only where satisfactory trading record exists or when dealing with reliable companies. Open access 1) EU directive that railway systems must be open to access by private (ie competing) operators. |
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