The Law Dictionary

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

Category: G

GEMOLOGY

Definition: Study of precious gems and gemstones. Industry uses it for subject matter expertise with gem appraisals.

GENERAL BUSINESS TAX CREDIT

Combined from several business purposed credits. Reforestation, research and starting a pension plan are aggregate tax allowances.

GENERAL GUARANTEE

Covers any obligation incurred by the guarantor. Enforced by anyone to fulfill an obligation as a written undertaking.

GENERALLY ACCEPTED AUDITING STANDARDS (GAAS)

Audited account auditing measurements and audit report presentation standards. Canada, India, Japan, UK, US, and the like differ in minor or major details as most major countries set their own rules. .

GENERIC MARKET

Sellers satisfying buyers of similar need in various scenarios generate this type of market.

GIFT TAX RETURN

Assessed on the amount exceeding the exemption limit. If a gift has greater value than the annual federal exemption allowance, an IRS tax exists specifically for the recipient.

GINNIE MAE I

Generally collateralized by a single pool of mortgages this US pass-through mortgage securities pays interest and principal separately.

GLOBAL BOND

A BOND that is issued simultaneously in a domestic market and the EUROMARKETS. Global bonds, which may be fixed or floating rate and carry maturities ranging from 1 to 30 years, are

GLOBAL PRICING CONTRACT

A supplier must charge the same price to customers by contract for the delivery of parts and services around the world. this practice very popular due to the benefits from worldwide price

GLUT

Anything exceeding demand. Typically, decreases market price.

GOING PRIVATE

Transitioning to a closely-held private firm from a public firm with outstanding shares by repurchase of all said shares, taking itself off the open market.

GOLDEN PARACHUTE

To compensate for loss of office after a takeover or merger, a huge bonus and/or a lucrative contract or a stockholding (shareholding) in the new setup is offered to a director or

GOOD MANUFACTURING PRACTICES

Plant and facility operations guidelines to mitigate potential and real risks. These guidelines are for food processors and seek to include all HACCP methods and procedures. (1) plant design and construction material,

GOVERN

Exercise executive power, fairly and systematically.

GRANULARITY

Conveys the perception of great or greater detail. Typically used when discussing a model or decision making process. More granularity means greater detail. An example is the level of detail, or granularity,

GREEKS

RISK measures for DERIVATIVES that are used to determine the price sensitivity of contracts to changes in the UNDERLYING ASSET (DELTA, GAMMA), VOLATILITY (VEGA), passage of time (THETA), and INTEREST RATES (RHO).

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