The Law Dictionary

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

Category: G

GOLDEN HANDSHAKE

A severance or an incentive to leave the firm with no fuss or controversy. Generous bonus offered to a director, employee, or partner at termination. Also refer to golden boot.

GOOD FAITH ESTIMATE (GFE)

Documenting all costs tied to getting a home loan, including loan processing, title, and inspection fees in a reasonable effort by a lender or broker.

GOOGLE ADWORDS

Google, Inc. advertising program. A popular method with low start-up costs and high potential profits for the site owners. A company displays its ads on a Google website. Uses the pay-per-click basis

GOVERNMENT PURCHASES

What the government buys from the private sector. Promised government contracts with the private sector typically triggers economic confidence, stagnant from a lack of private company purchasing. This is important to the

GRADUATE MANAGEMENT ADMISSION TEST (GMAT)

Students applying to business schools take this standardized exam. Before applying to a university’s MBA program, 2000 or so schools expect or recommend students to take this exam. Like SATs, this test

GRANT BACK CLAUSE

A requirement by a licensing entity that any improvement made during the licensing period to whatever was licensed to the licensee, must be told and given to the licensor when the license

GRAY WATER

Waste water relatively clean. Sourced from the kitchen, or tub or sink or shower, not the toilet, and laundering. Usable with little or no treatment for landscape irrigation and other non-potable uses.

GREEN SHOE

An entity willing sells uncommitted shares to the underwriter at the offering price for a limit time, provided in an Initial Public Offering (IPO) underwriting agreement.

GROSS ANNUAL INCOME

Un-taxed, un-adjusted, total annual income earnings. Is the amount of money an entity earns in one year from all sources, before taxes. Gross annual income is the starting base figure.

GROSS NATIONAL EXPENDITURE

Country’s total expenses, both public and private, excluding export expenses. Contrast Gross Domestic Product, which includes export expenses.

GROSS RECORDING METHOD

Accounting procedure. Posting cash discounts on purchases against a journal entry’s full invoice amount. Recording the discount can treat it as non-revenue if deducted from the original debited amount or as revenue

GROUND RENT

Leased land payment to the owner. Allows the lessor to improve the land. However, the property returns to the owner as-s at the end of the lease.

GROUP HOUSE

Convention and trade show market venue specifically designed as a hotel.

GROUP OF THIRTY (G-30)

An international non profit organization based in Washington DC. It is sponsored by banks and started in 1978. They meet every 6 months to debate issues in policy and finance as well

GROUT

Mixxing aggregate, cement, and water to fill spaces between bricks or other frames.

GUARANTEED ANNUAL WAGE (GAW)

When an employer guarantees the employee will get minimum wage for their yearly work. It is in the contract for employment.

GUARANTEED RESERVATION

A hotel reservation that is held until checkout the day after the arrival. Payment is made even if the guest doesn’t show up unless cancelation policy allows an out.

GUEST WORKER

A party that has special permission to work temporarily in another country when a shortage occurs.

GYPSY SWAP

Stock being repurposed by many parties to increase profit for all.

GAIN CONTINGENCY

Indication of an upcoming gain, possibly caused by a favorable ruling, for a specific company that drives pending or possible development.

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