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Generally accepted accounting principles.

Protection for automobile dealer, repairer, service stations, etc., which covers their legal liability for claims for bodily injury and property damage due to business operations.

A statutory proceeding whereby money owed a person, e.g., from an employer, is applied to payment of debts of such person to another.

One authorized to act for the principal in all matters concerning a particular business or employment.

Designed to provide payment for ocean marine losses voluntarily incurred for the safety of the entire venture. The arties whose property was saved shall contribute to the losses of the parties whose property was sacrificed.

In losses involving a general average, such losses or expenditures are contributed to by all the interest at risk on the basis of their respective values.

One who is responsible for the entire job.

Sometimes referred to as “prime contractor”, is one who contracts for the construction of an entire building or project, hires subcontractors, coordinates all work, and is responsible for payment to subcontractors.

These are damages which cannot be quantified with precision in monetary terms, but reflect an amount that the court believes necessary to compensate the aggrieved party fairly.

One who directs and controls a corporation’s affairs.