Glossary Archive

A Testamentary Will is a legal document that outlines an individual's wishes regarding the distribution of their assets and the care of any dependents after their death. It is created while the individual, known as the testator, is alive and becomes effective only upon their death. The Testamentary Will must meet specific legal requirements to...

A testator is an individual who has created and executed a valid will or testament, outlining how their assets and affairs are to be distributed upon their death. The role of the testator is central to the estate planning process, as they possess the legal capacity to dictate their wishes regarding the distribution of their...

Third-Party Arbitration Third-Party Arbitration is a method of resolving disputes outside the court system through the involvement of an impartial third party known as an arbitrator. This process is often used in legal, commercial, and contractual disputes, allowing parties to avoid the time, expense, and uncertainty associated with litigation. In third-party arbitration, the disputing parties...

Third-Party Beneficiary Mediation A third-party beneficiary is a person or entity that is not directly involved in a contract but stands to benefit from it. In the context of contracts, a third-party beneficiary mediation refers to a process where an impartial mediator assists the parties involved in the contract to resolve disputes regarding the rights...

Third-Party Expert Determination in ADR Third-Party Expert Determination refers to a method of Alternative Dispute Resolution (ADR) where an independent expert is appointed to make a binding decision on a specific aspect of a dispute between parties. This process is utilized when the parties involved in a disagreement seek a resolution but require specialized knowledge...

Third-Party Litigation Funding Disputes Third-Party Litigation Funding refers to the financial support provided by a third-party entity to a plaintiff in a legal case, typically in exchange for a portion of any settlement or judgment awarded. This funding allows plaintiffs who may not have the financial resources to pursue a lawsuit to proceed with their...

A Third-Party Trustee Appointment refers to the designation of an external individual or entity to manage and administer a trust on behalf of the beneficiaries. This arrangement is made by the trust creator, also known as the grantor or settlor, to ensure that the trust assets are handled according to the specified terms and in...

Three-Arbitrator Panel A Three-Arbitrator Panel is a dispute resolution mechanism commonly used in arbitration, where three arbitrators are appointed to hear and make decisions on a case. This structure is often favored in complex disputes, such as those involving significant monetary amounts or multifaceted legal issues, as it allows for a broader range of perspectives...

Time-Barred Claims in Arbitration A time-barred claim refers to a legal claim that cannot be pursued in court or arbitration because the statute of limitations has expired. In the context of arbitration, the statute of limitations is the period set by law within which a party must initiate a claim. If a party fails to...

Time is of the Essence Clause A Time is of the Essence Clause is a provision commonly included in contracts that emphasizes the necessity of timely performance and adherence to deadlines stipulated within the agreement. This clause indicates that any delays in fulfilling contractual obligations may be considered a breach of contract, allowing the non-breaching...