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

Category: S

SECONDARY NEEDS

The needs that remain after primary needs such as food and water have been satisfied. They include leisure activities and entertainment.

SECURED PARTY

The lender or seller who is holding the security interest or lien that is against an asset that has been pledged. Secured parties are paid first before the unsecured ones.

SELECT

Anacronym for the 6 steps in marketing research: 1. Situation analysis,2. explicit statement of objectives 3. laying down of research startegy and method of data collection 4. Evaluation of data 5. creation

SELF MAILER

A postcard like peice of mail that does not require placement in an envelope to post.

SELF-INSURED RETENTION (SIR)

The amount the insured must pay in a liability insurance policy before the insurance comapny will pay. This is paid directly by the insured to the claimant.

SEMINAR

A formal presentation by experts where the attendees are encouraged to ask questions and discuss the matter to hand.

SEQUENTIAL INTERDEPENDENCE

The dependence a subdivision or subunit has on materials, resources, information and products that are generated by those that precede them.

SERVELET

A small program written for a computer in Java language that runs on a server and not on the browser like an applet.

SERVICE MARK (SM)

A mark of identification or a brand that is associated with a service the way a trademark is associated with goods.

SETTLED ACCOUNT

A written statement showing setlement of an account between the parties concerned.

SEVERITY

The degree of sterness, harshness or austerity.

SHARK WATCHER

A specialist monitoring the financial markets for an early sighns of a hostile tak over attempt.

SHIPMENT CONTRACT

A contract for sale where the seller takes the risk of loss until the goods arrive at its destination. See destination contract.

SHIP’S STORES

The inventory that is on aship to meet all of its requirements on a daily basis. It includes water, food, safety and medical supplies and spare parts for example. See bunkering.

SHOTGUN CLAUSE

Often included when share holding is split evenly or 50/50 between 2 parties.A provision in the agreement where a party offering to buy out the other at acertain price must accept the

SICK BUILDING SYNDROME

Acute effects of discomfort or ill health that can be traced back to time spent in a certain place or building for a period of time. Usually occurs in new buildings from

SILVER

The precious metal that is traded on futures and spot markets where a future is equal to 5000 troy ounces and moves in increments of $0.005 per troy ounce.

SINGLE LIFE ANNUITY

An annuity that will pay for the life of the annuit but then stops with their death.

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