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

Category: Finance

OUTLINE

1. The shape or boundary of an item or object. 2. A list of the key items in a document or plan, presented in the order they appear in the main document,

OUTSOURCING

The delegation of non-core activities to outside agencies and contractors. Called contracting out, this allows businesses to benefit from specialist skill sets without paying for an in-house team, and it enables companies

OVERLAPPING DEBT

Liability acquired by a local government body in partly or fully financing programs or projects that fall under the jurisdiction of other government bodies.

OVERSHOOTING

Occurs when exchange rates overreact to changes in the short-term and equilibrium is only achieved in the long-term.

OWNER FINANCING

A transaction that involves the current owner of a property part financing its purchase by the buyer.

NOMINAL QUOTATION

An indicator stating the Buying or selling prices that is used for valuation purposes, rather than as a bid or offer.

NON DOM

An abbreviation for nondomiciled. It refers to an individual living in the United Kingdom who is a temporary resident (sometimes a foreign national), and only pay taxes on income generated in or

NONCASH TRANSACTION

A financial activity that involves the owner’s equity and liabilities but has no effect on the inflows and outflows of cash. A significant amount involved in a noncash transaction is included in

NON-CORE ACTIVITIES

Services that are outsourced to third parties due to their non-involvement in the value proposition of the firm to their customers. This includes services such as installation and maintenance.

NONDISCRIMINATION RULE

A rule that mandates equal provision of benefits to all its employees, irrespective of their position. A retirement plan must include this rule to qualify under the Employee Retirement Income Security Act

NONFLAMMABLE

A substance that does not burst into flames when ignited, or one that is not ignited easily.

NONMEDICAL

A policy that deems the insured’s statement of healthy sufficient for its issuance.

NON-PARTISAN

Non affiliation or non specific ownership with respect to any cause, party or group.

NON-RECOURSE

A situation under a guarantee to the borrower or seller that an obligationor transaction is without recourse. This absolves the borrower or all blame in the event of loss or defect. The

NORM

1. A non stated set of guidelines which specify normal behaviour is a social context. Social control and order are prevalent due to the pressure exterted on an individual to coform to

NOT LESS THAN (NLT)

When negotiating a contract, it is the assurance from the vendor that the value of the property will not be less than the proposed value and the estimates that will be submitted

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