Glossary Archive

Attorney’s Fees Recovery Clause An Attorney’s Fees Recovery Clause is a provision often included in contracts that specifies which party is entitled to recover attorney fees and legal costs in the event of a dispute or legal action arising from the contract. This clause can serve as a deterrent against frivolous lawsuits and provides a...

Avoidance of Procedural Delays in ADR Avoidance of Procedural Delays in Alternative Dispute Resolution (ADR) refers to strategies and practices aimed at minimizing interruptions, setbacks, or unnecessary prolongations in the ADR process, which encompasses methods such as mediation and arbitration used to resolve disputes outside of traditional court litigation. In the context of ADR, procedural...

Award (Arbitration Decision) An award is the final decision made by an arbitrator or a panel of arbitrators in an arbitration proceeding. The award resolves the dispute between the parties involved and typically includes a determination of the rights and obligations of the parties as well as any damages awarded. The award is binding on...

Award Finality Clause An Award Finality Clause is a provision commonly included in arbitration agreements or awards that stipulates the finality of the arbitrator's decision. This clause ensures that the decision made by the arbitrator is conclusive and cannot be appealed or contested in a court of law, except under very limited circumstances as defined...

Balloon Payment Clause A Balloon Payment Clause is a provision in a loan agreement that stipulates a large final payment due at the end of the loan term. This type of clause is commonly found in certain types of loans, such as mortgages or business loans, where the periodic payments made throughout the duration of...

Bank Subrogation Clause A Bank Subrogation Clause is a provision typically found in loan agreements or insurance contracts that allows a bank or lending institution to assume the rights of the borrower to collect from third parties responsible for a loss or claim after the bank has compensated the borrower. This clause is significant in...

Bankruptcy Dispute Mediation Overview Bankruptcy Dispute Mediation is a structured process where parties involved in a bankruptcy case seek to resolve disputes outside of court with the assistance of a neutral third-party mediator. This process aims to save time, reduce costs, and alleviate the burden on the court system. Detailed Explanation In the context of...

Bankruptcy Filing Clause in Leases A Bankruptcy Filing Clause in Leases is a specific provision included in commercial leases that outlines the rights and responsibilities of both the landlord and tenant in the event that the tenant files for bankruptcy. This clause is essential for landlords as it helps protect their interests and may dictate...

Bankruptcy Preference Claim A bankruptcy preference claim is a legal action taken by a bankruptcy trustee to recover certain payments or transfers made by a debtor to creditors within a specified period before the debtor filed for bankruptcy. The purpose of these claims is to ensure equitable distribution of the debtor's assets among all creditors...

Barriers to Mediation Barriers to mediation refer to the obstacles that can prevent parties from successfully engaging in the mediation process to resolve disputes. These barriers can arise from various factors, including emotional, practical, or procedural challenges. One major barrier is emotional resistance, where parties may be entrenched in their positions, filled with anger or...