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

CHANGE EQUILIBRIUM

Forces in a balance for driving or impeding change in a community, organization, or society.

CHANGE FEE

An amount charged or levied for the altering of a material, condition, or requirement in a concluded arrangement such as an already purchased airfare ticket.

CHANGE IN ACCOUNTING ESTIMATE

Setting an expectation where there is a difference in a depreciation cost that affects depreciation expenses. A notation is made in the financial statement to serve as a proper notification to company

CHANGE IN ACCOUNTING METHOD

Change in accounting bases from accrual basis accounting in to cash basis accounting or vice versa. It may require the prior approval of, or a notification to, the taxation authorities, depending on

CHANGE IN ACCOUNTING PERIOD

Change to a longer or shorter financial reporting period or a change to a different date for closing of accounts. It generally requires prior approval of taxation authorities.

CHANGE IN ACCOUNTING PRINCIPLE

A change that is not trivial in nature, as it is a change in the Implementing of a generally accepted accounting principle different from the one formerly used. In business a company

CHANGE IN ACCOUNTING PRINCIPLES

If a new guideline occurs for accounting practices and procedures, a company must make a notation on the financial statement reflecting how an entry was adjusted based on the new ruling, serving

CHANGE IN CONTROL

Condition of a power shift. Arises when a firm is acquired by another firm or when an existing or new stockholder acquires majority or substantially large stockholding.

CHANGE IN CONTROL PROVISION

An agreement in an employment contract giving an employee certain protections from a change of ownership in a company. Typically, protections trigger after a change in the controlling interest that impacts the

CHANGE IN DEMAND

A shift in units purchased reflected over time as a demand curve of a product or service. It can be caused by shifting trends or new competition. This can lead to altered

CHANGE IN OCCUPANCY OR USE CLAUSE

A difference in how a premises used from the documented expectation. An example of this is changing use as a home to a business. It typically changes the potential risk to that

CHANGE MANAGEMENT

Involving key players and stakeholders in organizational change to minimize resistance.

CHANGE OF AIRCRAFT

The transfer from one aircraft to another aircraft belonging to the same or different airline without a change in the flight number. Known also as a change of equipment or change of

CHANGE OF BENEFICIARY PROVISION

One or more statements that allows for changing the beneficiary as often as desired by the insured, versus a policy where the beneficiary is irrevocable. For an irrevocable beneficiary, the beneficiary must

CHANGE OF CONDITION CLAUSE

One or more statements in insurance contracts requiring that all conditions detailed in the application by the applicant must still hold true when the policy is delivered for an insurance policy to

CHANGE OF SCOPE

A change requested or directed in the magnitude and/or composition of a project by a principal or client after the award of contract.

CHAOTIC SYSTEM

Mathematical bases of a system where irregular and erratic fluctuations in economic cycles, financial markets, weather, other complex phenomenon, or nonlinear systems with many variables are due to sensitivity to initial changes

CHAPTER 13

A much-disliked section of US bankruptcy code that specifies a court appointed trustee or receiver collects a debtor’s future earnings that are then paid to unsecured creditors.

CHAPTER 15

This law formulates the cooperation between US and foreign courts in international bankruptcies to protect assets and save companies. Part of both Title 11 in the US bankruptcy code and the Bankruptcy

CHAPTER 7

Section of US bankruptcy code that specifies a court-appointed trustee or receiver to collect and liquidate the debtor’s property to satisfy the creditors’ claims. Either the debtor or creditor may petition a

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