Jargon Buster Results
the compensation payment for the injuries suffered by a Claimant in a personal injury claim.
basis on which insolvency practitioners prefer to sell a business. Effectively it means the business continues, jobs are saved, and a higher price is obtained
a legal commitment to repay a debt if the original borrower fails to do so. Directors may give guarantees to banks in return for the bank giving finance to their companies. Companies in a group may guarantee each others loans
someone selected to look after the interests of a child under 18 years of age
Grant of representation
the court order authorising a person to deal with the assets of the deceased. If a will appoints executors, it is called a grant of probate; otherwise, a grant of letters of administration (with or without a will annexed).
where a seller agrees to sell to one buyer but then either sells to another buyer or raises the price when two or more buyers show interest
where the buyer lowers their offer on the property after agreeing a price, often on the day contracts are due to be exchanged
annual charge paid by leaseholders to the freeholder
Garden or Gardening leave
when someone is paid for a period when they are not working, either after they have given in their notice or when they are being investigated for alleged misconduct
procedure to be followed by an employee with a complaint against an employer before commencing Tribunal action
the amount of wages before any deductions are made
where the seller withdraws at the last minute, often due to market uncertainty or the seller failing to find a property to buy