Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: Finance

QUASI PARTNER

A strategic alliance or a joint venture that does not act like a partnership. This alliance will resemble a partnership but it is not a partnership.

QUIET ENJOYMENT

The term quiet here does not mean that there is no noise. Here it means that there is no outside interference with an activity. An activity is enjoyed without the interference of

RACK RENT

In the US it is applied to a rent that is excessively high. In the UK it applies to an amount that is not less than 2/3s of the rent a premises

RALLY

This term is used to describe the increase in a commodity. This increase will occur after a fall or decline in the value of a product. Often a term that is heard

PREPAID RENT

The fee paid by a company for occupying and utilizing a property for its business operations.

PRERETIREMENT

In the event that an employee dies before officially retiring, the preretirement death benefit pension plan is designated to the deceased.

PREVAILING WAGE

The wages, both trade and public work, that workers in a particular area are paid. It is expressed in hourly wages and is inclusive of overtime wages and benefits.

PRIVATE DEBT

The individuals responsibilites for mortgages and other similar liabilities.

PRIVATIZATION

As opposed to nationalization, privatization is the sale of enterprises owned by public companies to private companies.

PROBABLY

Greater than the normal probability of an event occuring.

PROCUREMENT REQUEST

A contract that states the goods or services that need to received. The basis for a procurement action is based on this. The procurement request package also includes the statement of work

PRODUCTION SYSTEM

Manufacturing process, including different stages of design, produce, distribute and service are known as production system.

PROGRESS

Gradual movement towards the objective of a task.

PROJECTED BENEFIT OBLIGATION (PBO)

A calculated analysis of the present value of an employee’s post work pension assuming the employee would still work. In the company’s accounts, it is the pension liability of the company.

PROOF OF DELIVERY

This is the receipt that has been signed by the person that an item has been delivered to. The item was in a good and undamaged condition and the receiver has accepted

PROPRIETARY

Items that are sold, made or offered under copyright, patent or trade secrets laws by the rightful owner. Proprietary items are usually unique and will contain different components to a competitors product.

PRORATED

This is a proportion that is usually time based and is used to calculate an amount. For example, you may start to rent a property in the middle of the billing cycle

PROTOTYPE PLAN DEFINED

This is a plan for retirement that is made available for no charge to the individual. This free because it has been sponsored by an organisation.

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