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

UNBUNDLING

The process where a large item is broken into its smaller parts.

UNCERTAINTY ANALYSIS

Examination that is detailed of a condition, circumstance, event or condition to gain understanding to assign credible probabilities to its outcome.

UNCERTAINTY AVOIDANCE

Accepting assumed explanations or causes as facts to escape discomfort are associated with uncertainty or ambiguity.

UNCLAIMED BALANCE

Money in an inactive bank account that after 5 years is considered an abandoned account and property goes to the state under escheat laws. See dormant bank account.

UNCLEARED CHECK

Cheque still passing through a clearing cycle. See nucleated effects.

UNCLEARED EFFECTS

Drafts and cheques deposited by a customer but have not been cleared or paid by the writer of the cheque, or money is not in depositor’s account yet. Also known as uncollected

UNCOLLECTIBLE

A thing unable to be collected after all efforts have been made.

UNCONSCIONABILITY

Degree of unreasonableness and unfairness of a contract or deal prompting a court to modify or nullify it.

UNDER CAPITALIZATION

Situation where businesses don’t have enough funds from stock holders for the size of operations.

UNDER RESERVE

Situation where a bank will credit amount of a draft or cheque to a depositor’s account before it is cleared.

UNDERAPPLIED OVERHEAD

Situation where overheads applied to work in progress, WIP, is less than overheads actual incurred.

UNDERBID

Bidding at a lower price that that of other bidders.

UNDERCLASS

People at the lowest level of society that have becomes victims of a poverty trap.

UNDERCUT

Offering goods or services at a deliberately set lower price than competition.

UNDERGROUND PROPERTY DAMAGE

Damage to property underground such as sewers and pipes by excavation, drilling, backfilling or changing to the ground.

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