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

BULLPEN

An enclosure for bulls, an exercise area for baseball pitchers, the relief pitchers of a baseball team, an open-plan office area or a large cell in which prisoners are held before a

BULLWHIP EFFECT

An observed phenomenon in forecast-driven distribution channels. The concept has its roots in J Forrester’s Industrial Dynamics (1961) and thus it is also known as the Forrester Effect.

BUMBERSHOOT POLICY

nsurance. A bumbershoot policy is a type of umbrella coverage designed specifically to insure marine risks, but it can also include non-marine risks.

BUMPING

Knock or run into someone or something, typically with a jolt, meet by chance, hurt or damage (something) by striking or knocking it against something else, cause to collide with something, move

BUMPING RIGHT

When a junior or new employee is qualified for a position and is not laid off, but instead a senior employee is laid off in their place, this is called a bumping

BUNCHING

The process of grouping together many small retail trade ORDERS (i.e., ODD LOTS) and combining them into a single large order. Bunching often permits better execution levels and reduces the administrative expenses

BUND

Abbreviated form of Bundasanleihem, the broad category of German federal GOVERNMENT BONDS. Bunds, denominated in EUROS, feature maturities of 6 to 30 years (with 10year securities constituting the BENCHMARK) and pay interest

BUNDESBANK

The Bundesbank is the German central bank. The main functions of the Bundesbank are to regulate the money supply, support the general economic policy of the federal government, and issue banknotes.

BUNDLE

A collection of things, or a quantity of material, tied or wrapped up together. A set of nerve, muscle, or other fibers running close together in parallel.

BUNDLE OF RIGHTS

The bundle of rights is a common way to explain the complexities of property ownership. Teachers often use this concept as a way to organize confusing and sometimes contradictory data about real

BUNDLED PRICING

Product bundling is a marketing strategy that involves offering several products for sale as one combined product.

BUNDLE-OF-RIGHTS THEORY

The concept that compares property ownership to a bundle of sticks with each stick representing a distinct and separate right of the property owner, e.g., the right to use real estate, to

BUNDLING

Tie or roll up (a number of things) together as though into a parcel or sleep fully clothed with another person, particularly during courtship, as a former local custom in New England

BUNGALOW

A low house, with a broad front porch, having either no upper floor or upper rooms set in the roof, typically with dormer windows.

BUNKER

A hollow filled with sand, used as an obstacle on a golf course or a reinforced underground shelter, typically for use in wartime.

BURDEN

Theme, core idea; A heavy load; A responsibility, onus; A cause of worry; To encumber with a burden (in any of the noun senses of the word).

BURDEN RATE

A cost, usually in dollars per hour that is normally added to the cost of every standard production unit to cover overhead expenses.

BUREAU INSURER

Insurance company that is a member of a rating bureau. The insurer usually joins such an organization when its statistical experience in a given line of insurance is not sufficient for it

BUREAU OF ECONOMIC ANALYSIS

(BEA) is an agency in the United States Department of Commerce that provides important economic statistics including the gross domestic product of the United States.

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