Or approved equal means just that. Generally you will find an additional statement in the specifications that requires all requests for substitutions be made xxx days before the bid. Without this, you take the risk. Whether it would be accepted is really up in the air. I know the Engineers and Architects I would be willing to chance it with here. Also depends on the owner. Regarding fixtures though you will often see a fixture with a specified part number from say Daybrite, then in the manufacturer block they will list Daybrite, Lightolier, Metalux. The equivalent fixture by any of these will be accepted. You should talk to your supply house and find out what type of commitment they are making on an or equal package. For example, there are 16 fixture types and 14 of them have the equal manufacturer in the block. The only fixtures at risk are the 2 that show sole source. The secondary provider will often take the risk that they can satisfy the owner/design team to use their fixture. If not, then I make it their problem to purchase the specified fixture at no additional cost to us.