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

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 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 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 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 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 OF TRIAL

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

NOTICE OF TITLE

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

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

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

NOTICE TO APPEAR

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

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 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

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

NOTIONAL DEMAND

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

NOTIFY ADDRESS

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

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

NOVATED LEASE

An agreement in Australia which allows businesses to lease transportation for its employees. However, a portion of the employee’s wage is deducted to cover the leasing costs. The company is liable for

NOUVEAU MARCHE

An equity market that is focused on novel and emerging firms that are leaders in their respective industries. Usually, companies with the potential to be a global leader or have already attained

NOTWITHSTANDING

Literally meaning irrespective of, the term is also used in the contractual sense. A statement in a contract that is used to highlight contractual obligations arising from multiple parts in the contract,

NOVEL

1. Usually refers to an idea or action that is considered to be unique and unusual. 2. A comprehensive fictional story that ties elements of literature such as dialogues, characters, etc, to

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