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

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

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

Fringe benefits to the employee wherein he is not required to contribute and all related retirement plan costs are borne by the government and/or employer.

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.

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 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.

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

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,

Noncompliance with the requirements to reveal information.

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 clause, that is also referred to as coordination of benefits, states that the benefits of the insurance will not cover the same losses that are covered by another insurer.

In the event of any foreclosure action against the landlord, this agreement between the tenant and the landlord’s lender ensures that the tenant is not robbed of possession of his leased party.

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

Products with a short life span due to a low service value or a one-time use characteristic.

A license that grants several licensees within the same industry, the same rights to an intellectual party at the same time or consecutively.

A financial instrument such as a bond or a stock that is not a part of the other equities held by the company.

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.

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

Costs that occur when product quality is not up to standard. It also results due to production imperfections and includes both internal and external costs.