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In English costs law the indemnity principle is the concept that a receiving party is unable to recover more than the costs for which they are liable to pay themselves, in costs of the litigation. It is unrelated the indemnity basis, being one of the bases on which the court may award costs (below).
The rationale for the English rule is that a litigant (whether bringing a claim or defending a claim) is entitled to legal representation and, if successful, should not be left out of pocket by reason of their own legal fees. It should be borne in mind that, in virtually all English civil litigation, damages are merely compensatory.
In this case, money is the input that is gone in order to acquire the thing. This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer. Usually, the price also includes a mark-up for profit over ...
Assuming the best choice is made, it is the "cost" incurred by not enjoying the benefit that would have been had if the second best available choice had been taken instead. [1] The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative is chosen".
The word "assets" in these sections in 1862 was used as meaning only those free assets which were not the subject of a floating charge. In those days it was held that, when there was a debenture which gave the creditor a floating charge over the property of the company, then, as soon as the charge crystallised on a winding up, the property did ...
It is the opposite of an explicit cost, which is borne directly. [1] In other words, an implicit cost is any cost that results from using an asset instead of renting it out, selling it, or using it differently. The term also applies to foregone income from choosing not to work.
Words with specific American meanings that have different meanings in British English and/or additional meanings common to both dialects (e.g., pants, crib) are to be found at List of words having different meanings in British and American English. When such words are herein used or referenced, they are marked with the flag [DM] (different ...
In an insurance policy, the deductible (in British English, the excess) is the amount paid out of pocket by the policy holder before an insurance provider will pay any expenses. [1] In general usage, the term deductible may be used to describe one of several types of clauses that are used by insurance companies as a threshold for policy payments.