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

Category: Finance

NON-OCCUPATIONAL POLICY

Injuries that are sustained at work are not insured under this policy due to their coverage under the workers compensation.

NON-PRODUCT ADVANTAGE

Advantage gained by a product over its competition not by virtue of its attributes but by the creation of a distinct brand image through exclusive promotions, widespread distribution, superior customer service, etc

NON-REFUNDABLE TICKET

A ticket that prohibits monetary compensation when returned, but can be refunded for a fee.

NORTH AMERICAN FREE TRADE AGREEMENT (NAFTA)

A treaty between Canada, the US and Mexico that was legislated in 1994, which removes tariffs and other barriers to facilitate easy trade between these countries. It lasts between five and ten

NOT TO EXCEED (NTE)

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

NOTICE OF TRIAL

The notification issued by a court to the participants of a lawsuit, highlighting the date of the schduled trial.

NULL AND VOID

Something redundant, or that has no value, or effect, commonly used in the legal sense.

OBJECT

1. Accounting: The goods or services that was purchased. 2. Modeling: The modeling arhitecture’s portrayal of a real world situation through a representation. 3. Programming: A program that consists of data and

OBSTRUCTION OF JUSTICE

The noncompliance with the legal system by interfering with (1) the law administration or procedures, (2) not fully disclosing information or falsifying statements, and (3) inflicting damage on an officer, juror or

OFF BALANCE SHEET

Assets or liabilities that have yet to be realized and hence do form a part of the balance sheet. it is included in the balance sheet only when it becomes actual.

OFFER IN COMPROMISE (OIC)

A taxpayer can pay an amount less than the amount owed for tax liabilities, under this agreement between the IRS and the taxpayer. This only comes into effect if the IRS gets

OFFICIAL RESPONSIBILITY

The duties and responsibilities that accompanies one’s position in office. It differs from moral responsibility in the sense that more than one individual cannot hold an official responsibility and it can thus

OFFSHORE HAVEN

A country or area that has few restrictions on businesses located there and negligible income tax, which is different from an individual’s home country. Offshore havens provide various services such as international

OILFIELD

The location, either onshore or offshore where oil wells are found.

ON BUDGET

When spending is within previously established limits.

ONE-TIME ONLY ADDITION

This is an expense that, once completed, will not usually be incurred again. This might be a one-time project or acquisition, like a computer. This purchase might last for more than one

OPEN CONFERENCE

Relating to public access and community development. Often involves an open source culture.

OPEN INFLATION

The rise in the cost of products and services as a result of spending trends.

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