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

Category: V

VITAL FEW, USEFUL MANY

20% of causes result in 80% of defects/effect’ said JM Juan when applying the Pareto principle to quality management.

VOLATILE ORGANIC COMPOUND (VOC)

1. Any hydrocarbon with a vapor pressure equal or greater than0.1mm of Mercury except for ethane and methane. 2. Substance able to evaporate at its temperature of use and causes oxygen to

VOUCHER SYSTEM

Internal system of financial control for payments and cash relying on vouchers to establish transactions, amounts paid, ledger name where it will be recorded.

VALUATION CLAUSE

Provision of an durance policy where the insured and insurer have agreed on the value of goods.

VALUE OF ENTRY

Total value of declared items on a duty entry form accepted by customs.

VALUES, ATTITUDES, AND LIFESTYLES SYSTEM (VALS-2)

Proprietary psychographic consumer segmentation system classifying people into 8 groups based on lifestyle. 1. Actualizes, 2, Fulfillers, 3. Achievers, 4. Believers, 5. Strives, 6. Experiencers, 7. Makers, 8. Strugglers.

VERSION

Releases of the same item with changes made along the way.

VIRTUOUS CIRCLE

Advantageous situation that self propagates. Successful solutions lead to more success and more etc. See vicious circle.

VITAL RECORD

Document, record or file in any format with information essential, necessary to create and organize operations and survival of an organization.

VOLENTI NON FIT INJURIA

Legal principle where one voluntarily and knowingly consents to take risks such as in dangerous sports.

VOYAGE CHARTER

Vessel of transport used for a number of trips (voyages). Also known as spot charter. See time charter.

VALUATION METHOD

use by an adjuster to determine loss occurrence and putting a monetary value to a claim.

VALUE OF INFORMATION

Maximum price to pay for knowing an uncertainty’s value before a course of action is decided.

VALVE

Electromechanical or mechanical device that controls the flow of liquid, gas, slurry, dry loose material. 3 maintypes.1. Isolation, 2. Switching, 3, Control.

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