Glossary Archive

Covenant Not to Compete A Covenant Not to Compete, also known as a non-compete agreement, is a legal contract between an employer and an employee that restricts the employee from engaging in business activities that compete with the employer's business for a specified period and within a designated geographic area after the employee's tenure with...

Covenant Not to Compete A Covenant Not to Compete, often referred to as a non-compete agreement, is a legally binding contract in which one party agrees not to enter into or start a similar profession or trade in competition against another party for a specified period of time and within a designated geographic area. These...

Overview Creditor claims against estate refer to the legal rights of creditors to seek repayment of debts owed by a deceased individual from their estate during the probate process. When a person passes away, their debts do not simply disappear; instead, the estate (comprised of the deceased’s assets) is responsible for settling these obligations before...

A Creditor Protection Trust is a type of trust designed to shield assets from creditors and potential claims against the trustor (the person who creates the trust). This legal structure creates a barrier between the assets held in the trust and the trustor's personal liabilities, thereby offering financial protection against lawsuits, bankruptcy, or other creditor...

A Creditor’s Claim Against Estate is a legal demand made by a creditor to seek payment from the estate of a deceased individual. When a person passes away, their estate is responsible for settling debts and obligations before distributing any remaining assets to beneficiaries. In the context of probate, the process begins with the executor...

Cross-Border Dispute Arbitration Cross-Border Dispute Arbitration refers to a method of resolving disputes that arise between parties located in different countries through an arbitration process. This form of arbitration provides a neutral forum for the parties to resolve their issues without resorting to litigation in national courts, which can be complicated by differing legal systems,...

Cross-Claim A cross-claim is a type of legal claim that a party makes against another party within the same legal proceeding. It is typically filed in response to an original claim or counterclaim in a lawsuit. Cross-claims allow parties to assert their own claims against each other without having to initiate a separate lawsuit. In...

Cross-Collateralization Agreement A Cross-Collateralization Agreement is a financing arrangement in which multiple assets are used as collateral for a single loan or credit facility. This type of agreement allows a lender to secure a loan by utilizing the value of more than one asset, thereby reducing the lender's risk and potentially offering the borrower more...

Cross-Default Clause A cross-default clause is a provision in a contract, typically found in loan agreements or bond indentures, that triggers a default in one agreement if there is a default in another agreement. This mechanism is used to protect the interests of lenders or investors by ensuring that a borrower’s failure to meet obligations...

Cross-Purchase Agreement A Cross-Purchase Agreement is a legal arrangement among business partners or co-owners that facilitates the transfer of ownership interests in the event of a partner's departure, whether due to retirement, death, disability, or other circumstances. This type of agreement outlines how the remaining partners will purchase the shares or interests of the exiting...