Several companies within the same field or industry who are independent but lack cooperation between each other.

Services that are outsourced to third parties due to their non-involvement in the value proposition of the firm to their customers. This includes services such as installation and maintenance.

The cause of the degradation with respect to the quality of performance and operational capacity, the impact of which is tolerable for a small period of time without major losses.

A type of stock that does not require the company to pay a dividend to the shareholder due to a failure to meet the financial benchmark. In the event of a missed

A will stated by a person on his death bed in the accompaniment of witnesses.

1. Asset that is not eligible for conversion into cash within a year of the date of the balance sheet. 2. Capital goods such as machinery which are not expected to be

A long term liability or financial obligation that has to be settled in a period that is longer than 12 months.

An account that can be collected more than a year from the date of the balance sheet.

1. General: An obligation that cannot be outsourced to a third party according to the terms of the contract. In the event that it is delegated, the second party reserves the right

The failure to deliver goods or legal instruments in compliance with the law or custom

An intermediary organization such as the government that facilitates transactions between the savers and borrowers. Time deposits are however not accepted. These intermediaries source their lending activities through the sale of securities

A method of quality control that is performed on a finished item instead of a sample. As such, it leads to no damage of the tested product. Common techniques include radiography and

A less severe injury compared to partial or complete disability that is eligible for a monetary compensation. Typically includes a disability payments for a month.

The non coverage of disability of the rider by income policies. However, it grants for the payment of medical costs that arise due to a less severe injury that does not results

A monetary obligation that is not disbursed immediately upon the sale of an individual’s assets or his declaration of bankruptcy. These include the incurred but unpaid taxes.

Noncompliance with the requirements to reveal information.

An entity that is not affected by the influence of another individual’s discretion or preferences. For example, a budget or a contract states the non discretionary spending that ought to occur. Also,

A rule that mandates equal provision of benefits to all its employees, irrespective of their position. A retirement plan must include this rule to qualify under the Employee Retirement Income Security Act

1. General: A set of standard rule is applied upon careful evaluation of fairness and equality using this method. 2. Interstate Commerce: Ensuring that all countries are charged equally and justly through

An agreement between two parties that prohibits criticism by one party on the other. Usually used in the settlement contract in an employment or dispute settlement.