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

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 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 NEEDS TRUST

A supplememntal fund given to a person with a disability that does not jeopardise any government support payments.

SPECIAL MEETING

A meeting of share holders called in order to discuss a specific matter that has ben stated in the meeting notice.

SPECIAL AUDIT

An assessment that is based on an auditor’s report that asks for the further analysis of a business practice.

SPECIAL TOOLING

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

REGRESSION EQUATION

An equation in math used to determine various predictions about a specific variable as it relates to other variables.

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

REGRESSIVE TAX

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

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 REPORT

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

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.

SPECIAL MEAL

A term used in the travel industry for an alternative meal ordered in advance by passengers. It may be for a child, vegetarian , low salt for example.

SPECIAL ACCEPTANCE

A risk acceptance that is not automatically accepted by a reinsurance contract.

SPECIAL JOURNAL

A book containing original entries that is ditinct from a general journal that is used for recording only specific types of transactions that are repeated during the month.

SOCKET

A software program that acts as a “virtual Port” by providing a link between 2 different computer prgrams on the same computer. See port.

SOFT ASSET

An asset such a human resources, brans name and knowledge that is not shown on a financial statement. A hard asset is cash, land or equipment.

SETBACK

The distance from a road or kerb where nothing can be built upon.

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