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

SEVERALLY

Solely, seperately, singly or exclusively. Owned by only one entity.

SEVERANCE OF CONTRACT

Saving the part of the contract that remains after removing parts of it. Possible where (1) the agreement contains more than one part, (2) you can comply with some clauses and parts

SEVERANCE PACKAGE

The package that is offered to employees whose contract has been closed for work. Will include payment for a set period of time after which employment is terminated.

SEVERANCE PAY

The amount paid to an employee on termination of his work contract.

SEVERE

Strict, austere or intense with disastrous consequences.

SEVERED REALTY

Real property that is converted to personal property after it has been severed or cut and made into a movable object.

SEVERITY

The degree of sterness, harshness or austerity.

SEXUAL HARASSMENT

Harrassment in the workplace or discrimination where unwelcome and unwanted advances are made to a person by one or more other employees. The comments are of a personal nature and often sexual

SHADOW ACCOUNTING

A method used in accounting where 2 sets of records are kept in order to look for and find any mistakes.

SHADOW DIRECTOR

A director who is not technically with the firm but is a major shareholder but doesn’t take part in governing the firm but whose instructions are complied with.

SHADOW PRICE

The opportunity cost for an activity to the society. The actual price is unknown and doesn’t reflect any real sacrifice that is made.

SHAKEOUT

A market upheaval that sees smaller competition eliminated and the few larger and stronger firms dominate.

SHAM TRANSACTION

A transaction that serves no purpose and provides no benefit economically but it used for the purpose of tax evasion.

SHARE CERTIFICATE

A legal document that is issued to show proof of any ownership in a business. A paper share is being replaced by electronic shares.

SHARE PREMIUM

The amount a firm will receive that is in excess over the par price of shares.

SHARE REPURCHASE

A company will buy its own shares in order to boost the market for them by reducing the quantity of available shares.

SHARED APPRECIATION MORTGAGE (SAM)

A mortgage that is written at a rate that is less than the market rate that will give the lender an increased value in the property that is being mortgaged for a

SHAREHOLDER AGREEMENT

The contract between a firm and the share holders which outlines how internal affairs of the firm are managed, how any disputes are resolved and what happens when a share holder is

SHAREHOLDER LOAN

A process where the share holder will exchange for interest repayments.The collateral could be shares or debentures from the company.

SHAREWARE

A try-before-you-buy method of distributing software. The software will function fully for a set period of time and then the user needs to buy it for it to continue working.

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