Glossary Archive

Base Rent Adjustment Clause A Base Rent Adjustment Clause is a provision commonly found in commercial lease agreements that allows for the adjustment of the base rent over the term of the lease. This adjustment is typically tied to specific economic indicators or predefined conditions, ensuring that the rent remains relevant to market conditions. The...

Bench Trial A bench trial is a type of legal proceeding where a judge, rather than a jury, serves as the trier of fact. In this scenario, the judge is responsible for evaluating the evidence, determining the applicable law, and rendering a verdict. Bench trials are typically used in civil cases, but they can also...

Bench Trial A bench trial is a legal proceeding where a judge, rather than a jury, hears and decides the case. It typically occurs in civil and certain criminal cases where the parties may choose or be required to waive their right to a jury trial. In a bench trial, the judge assumes the role...

A beneficiary is an individual or entity designated to receive benefits, assets, or distributions from a trust, will, insurance policy, or other financial arrangement upon the occurrence of certain events, such as the death of the individual creating the estate or triggering a contract. In the context of estate planning, a beneficiary can be named...

A Beneficiary Deed is a legal document that allows a property owner to transfer ownership of real estate to one or more designated beneficiaries upon the owner's death, without the need for probate. This type of deed is also known as a "transfer-on-death deed" (TOD deed) in some jurisdictions. The primary advantage of a Beneficiary...

A beneficiary designation is a legal term that refers to the process of naming individuals or entities to receive assets from a financial account, insurance policy, or retirement plan upon the death of the account holder or policyholder. This designation is crucial in estate planning because it allows for the direct transfer of assets outside...

A Beneficiary Predeceased Distribution occurs in estate planning when a designated beneficiary dies before the testator, the person who created the will or trust. In such cases, the manner in which the deceased beneficiary's share of the estate is handled depends on the terms of the will, the laws of intestacy if there is no...

A Beneficiary Trust Agreement is a legal document that establishes a trust in which the beneficiaries receive benefits from the trust assets. This type of agreement outlines the terms under which the trust operates, including the rights and responsibilities of the beneficiaries, the trustee's obligations, and the specific assets held in trust. The Beneficiary Trust...

A bequest is a provision in a will that specifies the transfer of personal property or assets to a designated beneficiary upon the death of the testator (the individual who made the will). Bequests can include tangible items, such as jewelry, art, or a specific sum of money, as well as intangible assets like stocks...

Bifurcated Arbitration Process The Bifurcated Arbitration Process is a method used in arbitration in which the proceedings are divided into two separate phases. This approach allows for different aspects of a dispute to be resolved independently, often streamlining the arbitration process and making it more efficient. In the context of arbitration, the bifurcated process typically...