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The law of costs in England and Wales is typical of common law jurisdictions, save that of the United States.. In the small fraction of cases that do not settle and instead proceed to a judgment, generally costs "follow the event" so that the successful party is entitled to seek an order that the unsuccessful party pay his or her costs.
Court costs can reach very high amounts, often far beyond the actual monetary worth of a case. Cases are known in which one party won the case, but lost more than the monetary worth in court costs. Court costs may be awarded to one or both parties in a lawsuit, or they may be waived.
In economics, the law of increasing costs is a principle that states that to produce an increasing amount of a good a supplier must give up greater and greater amounts of another good. The best way to look at this is to review an example of an economy that only produces two things - cars and oranges.
This page was last edited on 22 September 2013, at 23:52 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may apply.
Similarly, if the third kilogram of seeds yields only a quarter ton, then the marginal cost equals per quarter ton or per ton, and the average cost is per 7/4 tons, or /7 per ton of output. Thus, diminishing marginal returns imply increasing marginal costs and increasing average costs. Cost is measured in terms of opportunity cost. In this case ...
Security for costs is a common law legal concept of application only in costs jurisdictions, and is an order sought from a court in litigation. The general rule in costs jurisdiction is that "costs follow the event". In other words, the loser in legal proceedings must pay the legal costs of the successful
Taxation of costs is a ministerial function performed by a court upon the resolution of case. It involves entering the various costs and their amounts against the party (either the claimant or defendant ) against whom those costs have been awarded by the court.
In Australia, conditional fee agreements are permitted under the Uniform Law, applied in NSW and Victoria by local application Acts. Where a favourable outcome is reached, an additional uplift fee (success fee) of up to 25% of the costs agreed to in the costs agreement may be charged.