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

SPECIAL REPORT

An auditor certified document that measures how a company or business has complied with GAAP.

SPECIAL PURPOSE CORPORATION (SPC)

A legal entitiy that is created in order to insulate an issuer of an asset based security from the originator of said asset. A special purpose vehicle.

SPECIAL RESOLUTION

A resolution that requires an important decision to alter terms of articles of association or memorandam of association. It requires no less than 21 days notice, no less than 3/4 of the

SPECIAL ENDORSEMENT

An endorsement where the endorsee is named and to whom a negotiable instrument is to be paid.

SPECIAL SITUATION

A situation that arises that will require a company to sell of some of its shares.

SPECIAL TOOLING

Any specialised equipment that can be only be used for a specific purpose. Items like gauges, dies, molds, jigs, patterns.

SPECIAL COVERAGE FORM

Offer a broad coverage to any property, commercial or personal that will cover all risks but might have a lot of other exclusions.

REGRESSION TOWARDS THE MEAN

The statistical propensity of a data series to gravitate towards the center of a distribution, provided it starts on the either end of the distribution and is free to fluctuate.

REGRESSIVE TAX

The taxation that takes place on a larger percentage of a lower income and smaller percentage of an income that is higher.

SONIC BOOM

The shock waves heard and felt when an aircarft of any sort travels at the speed of sound.

SPECIAL CONDITIONS

The provisions in a contract that are specific to a project that is under consideration and don’t fall under any other general or supplementary conditions.

SPECIAL MULTI PERIL (SMP)

A policy that eliminates the need for more than one contract by combining all of them into the same policy.

SOLVENCY RATIOS

A comparison, mathematically, of the different elements of financial statements. 1. Current liabilities to inventory ratio. 2. Current liabilities to net worth ratio. 3. Current ratio. 4. Fixed assets to net worth

SINKHOLE COLLAPSE

A dangerous situation caused by the sudden collapse of a land mass into an empty space below it.

SECONDARY NEEDS

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

SECURITY MARKING

The clear marking of a document showing its level of security that will ensure its protection at the required level.

SOURCE

1. Place of origin. 2. The specific publication or media where a piece of information was taken from and included in end notes, foot notes. Can also be person for a news

SITE PLAN

A detailed plan or blueprint that is used to develop a particular plot of land.

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This site contains general legal information but does not constitute professional legal advice for your particular situation. The Law Dictionary is not a law firm, and this page does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.