Glossary Archive

Vendor’s Lien Clause A vendor’s lien clause is a provision in a contract that grants the seller (vendor) a legal right to retain possession of the property sold until the buyer fulfills payment obligations. This clause is often used in real estate transactions, where the vendor may wish to secure their interest in the property...

Venue Clause in Arbitration A venue clause in arbitration is a provision within an arbitration agreement that specifies the location or jurisdiction where the arbitration proceedings will take place. This clause is crucial as it can significantly affect the convenience, costs, and legal framework governing the arbitration process. The venue clause helps to avoid disputes...

Venue Selection in Arbitration Venue selection in arbitration refers to the process of choosing the location where the arbitration proceedings will take place. This decision is crucial as it can impact the convenience for the parties involved, the applicable laws, and the neutrality of the arbitration process. The venue is typically specified in the arbitration...

Vested Rights in Arbitration Vested rights in arbitration refer to the legal entitlements that a party holds regarding the outcomes of an arbitration process. These rights are typically established by the terms of the arbitration agreement, the applicable laws, or the rules governing the arbitration. Vested rights arise when a party has a legitimate expectation...

Vesting Clause in Property Agreements A vesting clause is a specific provision included in property agreements, wills, or trusts that clearly outlines the conditions under which a beneficiary receives their interest in the property. This clause is crucial in determining how and when the transfer of ownership occurs, ensuring that the intentions of the grantor...

Vesting Deed Agreement A Vesting Deed Agreement is a legal document that outlines the ownership rights of property, typically real estate, by specifying how the title to the property will be held among multiple parties. This agreement is instrumental in determining the interests of each party in the property and governs the transfer of ownership...

Virtual Arbitration Hearing A Virtual Arbitration Hearing is a type of dispute resolution process conducted online, where parties present their case to an arbitrator through a digital platform rather than in a traditional in-person setting. This method has gained popularity, especially in response to the COVID-19 pandemic, allowing for continued access to arbitration services while...

Virtual Dispute Resolution (VDR) Virtual Dispute Resolution (VDR) refers to the use of digital platforms and technology to facilitate the resolution of disputes outside of traditional court settings. This approach allows parties to engage in negotiations, mediations, arbitrations, and other forms of conflict resolution through online tools and software. VDR gained prominence due to the...

A Virtual Representation Clause is a provision commonly included in a trust or will that allows a trustee or personal representative to act on behalf of certain beneficiaries who are not present or are unable to participate in the decision-making process. This clause enables the representative to represent the interests of beneficiaries who may be...

The Virtual Representation of Minor Beneficiaries is a legal concept used in estate planning and probate proceedings, particularly in relation to trusts and wills. It allows for the interests of minor beneficiaries (individuals under the age of 18) to be represented by adult guardians or representatives, ensuring that their rights and interests are adequately protected...