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

PRACTICABLE

Any idea or project which can be brought to fruition or reality without any unreasonable demands.

PRACTICAL CAPACITY

The capacity of a company in order to provide the best possible service without any interruptions or delays.

PRACTICAL NURSE

A nurse who is licensed to help her patients in performing usual tasks of the day such as eating, bathing, etc. A practical nurse cannot administer medication.

PRAM MODEL

A series of systematic steps which are taken during any kind of negotiation, such as planning to agree, relationship building, coming to an agreement and/ or maintaining a certain relation.

PRE-ADMISSION AUTHORIZATION

An authorized document which needs to be taken from the insuring party, before an insured party can be admitted to a hospital.

PREADVICE

Preparatory advice that is given about a credit letter, usually given to the issuing bank from the advising bank, when time is of the essence. It is also referred to as the

PRE-APPROVAL

Any buyer who has a positive credit rating can be pre approved before they go home shopping. The lender generally checks the credit history before determining whether a loan should be granted

PREARRANGED TRADING

A type of trading, considered illegal, in which participants within the market arrange between themselves regarding how they are going to perform in the future.

PREAUTHORIZED PAYMENT

An arrangement between a bank and its customer, allowing the bank to debit the client’s account for a loan or any installment that is payable.

PRE-AWARD SURVEY

A survey conducted to evaluate the financial, managerial and operational capabillities of any contractor, before the actual contract is awarded.

PRE-BID SHOPPING

Negotiations and discussions carried out between the contractor and the client, before the tender has been awarded. Generally done in order to get a lower price rate.

PREBILLING

To officially lodge a payment request, even though the payment isn’t due until a date in the future. Generally, these are issued in order to get the payment and ensure that it

PRECATORY WORDS

Words that are used to depict a certain desire or recommendation without actually binding the listener with them. For instance, ‘it is my desire and/or wish to?’

PRECAUTIONARY PRINCIPLE

A rule in environment management which states that if serious damage can be caused to the environment and/ or to the health of a human being, immediate steps should be taken in

PRECERTIFICATION AUTHORIZATION

An authorization that must be taken from the insurer before treatment can be gven. The physicican of the insured party has to give in an estimate of the costs, as well as

PRECIOUS METALS

Metals such as gold, iridium, platinum, rhodium, ruthenium, osium, silver, etc. Usually available in forms of bars, leaves, powders, wires, etc.

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