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

NOTE

1. A written statement by an individual to pay a sum of money to another individual, or the bearer of the note at a specified period in time. It is a compromise

NOT-FOR-PROFIT ACCOUNTING

Accounting that conforms to the NFP cost accounting standards and is applicable to nonprofit institutions such as hospitals, schools and federal as well as nonfederal contractors.

NOTICE

A legal notification or warning that is delivered in a written format or through a formal announcement. An individual or party is considered liable if the party (1) has knowledge of the

NOTICE FOR NON-ACCEPTANCE

A notice assigned to instruments such as a check that has been dishonored. It indicates the nonacceptance of the dishonored instrument as a form of payment.

NOTICE OF CANCELLATION

A notice stating the intent to imminently cancel an agreement or policy. It can be issued by either the insurer to cancel the coverage or by the insured to request for a

NOTICE OF CESSATION

A notice issued to concerning parties by the contractee stating that no work has taken place at the site of the project for a certain period of time. In addition, the period

NOTICE OF COMPLETION

A notice issued to concerning parties by the contractee stating that all the work concerning the project has finished. In addition, the period within which the concerned parties can exerciset their lien

NOTICE OF LOCKOUT

When negotiations break down between the employer and the recognized trade union, this statement to the related government agencies filed by the employer acts as a notification to stop business activities and

NOTICE OF SALE

This notice is a legal requirement that has to be issued by the lender before the intended sale of the mortgaged property due to foreclosure.

NOTICE OF STRIKE

When negotiations break down between the labor union and the employer, this notice is issued by the labor union to the relevant government authorities stating its intent to suspend all activities and

NOTICE OF TITLE

Knowledge made available to the buyer that the title is subject to claims by parties other than the seller.

NOTICE OF TRIAL

The notification issued by a court to the participants of a lawsuit, highlighting the date of the schduled trial.

NOTICE OF WITHDRAWAL

1. Finance: A statement notifying the financial institution of the account holder’s intent to withdraw funds. 2. Legal: A statement or notice that is addressed to a partnership or the other parties

NOTICE PERIOD

The period within which the delivery of the contract has to be accepted by the contract owner. This period usually lasts between three and six weeks before the expiration of the contract.

NOTICE TO APPEAR

An order by the court mandating an individual’s presence at the hearing on the specified date.

NOTICE TO PROCEED (NTP)

A notification letter from the owner addressed to the contractor stating the date on which the contractor can begin project work. The NTP date marks the beginning of the performance time of

NOTICE TO VACATE

A notice that is written by either the landlord or tenant giving a notice to leave the premises within a specified time frame, or to demand the same. The notice is typically

NOTIFY ADDRESS

The address of the cosignee who is to be notified of the shipment’s arrival.

NOTIONAL DEMAND

In equilibrium markets, the notional demand is the total quantity of goods and services demanded.

NOTIONAL PRINCIPAL

The principal amount of the underlying debt that is referred to in interest rate swap deals. When the obligation to pay interest is discounted, the principal amount gains a fictitious attribute that

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