OUT OF SCOPE CHANGE
Work that is considered beyond the scope of the original contract, requiring an alteration to the cost or price.
Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.
Work that is considered beyond the scope of the original contract, requiring an alteration to the cost or price.
An initial set of specifications, upon which more detailed specifications are based later in the design process.
An individual whose insurance coverage is worth more than the item(s) being insured.
This is the maximum amount of money that one bank will transfer to another in one day, limiting the bank?s exposure to monetary transfer risks.
The amount by which an insurer has exceeded its usual capacity (or has committed beyond its usual capacity).
It is the condition where the number of shares is less than the demand from buyers. The stock price is pushed higher as a result.
The capital invested in a corporation, based on the deduction of the book value of liabilities from the book value of assets.
1. Rate that does not factor in the effects of inflation 2. Rate that is charged on the gross value rather than on the net value
Charitable organization that foster cultural and social unity to achieve objectives related to public service. The initial capital investment is provided by the founding members who do not expect its repayment or
The majority of policies are non assignable and as such cannot be transferred to a third party ownership
The loss of a right due to a failure to claim or pursue it within a specified legal period.
A type of stock that does not require the company to pay a dividend to the shareholder due to a failure to meet the financial benchmark. In the event of a missed
An agreement between two parties that prohibits criticism by one party on the other. Usually used in the settlement contract in an employment or dispute settlement.
A clause in an insurance that allows for a partial or complete receipt of benefit, or a partial refund in the event that the insured ceases payment of the premiums due on
The price, that is non-inclusive of the monetary, which is incurred by the customer when he/she buys the product. This includes the time spent shopping and the value assigned to the risk
A mobile source of pollution such as the exhaust from automobile and aircraft.
1. Agricultural Financing: In the event of crop fails or insufficient crops which results in the failing of the collateral, the lender cannot claim the loan amount from the borrower. Government schemes
A continuous journey between the source point and the destination.
The retirement that is taken when the pension plan is considered normally deemable.
Refers to Unclassifiable insured usually on workers compensation rating manuals or liability manuals.