Glossary Archive

Fairness in ADR Agreements Fairness in Alternative Dispute Resolution (ADR) Agreements refers to the principles and practices that ensure equitable treatment of all parties involved in the ADR process. This concept is crucial in maintaining the integrity and effectiveness of ADR mechanisms such as mediation and arbitration. Fairness encompasses several key elements: Equal Opportunity: Each...

A Family Agreement is a legally binding or informal arrangement between family members regarding the management, distribution, or ownership of family assets, responsibilities, or business interests. These agreements are often used to prevent disputes, clarify expectations, and provide a framework for decision-making within the family. Family Agreements can take various forms, such as: Estate Planning...

Family Business Dispute Resolution Family Business Dispute Resolution refers to the processes and methods employed to resolve conflicts that arise within family-owned businesses. These disputes can occur due to various reasons, including disagreements over management decisions, succession planning, differing visions for the business, or personal conflicts that spill over into the business realm. The resolution...

The Family Home Exemption is a legal provision that allows a property to be partially exempt from property taxes if it is used as a primary residence by a family. This exemption is designed to provide financial relief to homeowners by reducing the assessed value of their home for taxation purposes. The Family Home Exemption...

A Family Limited Partnership (FLP) is a specific type of partnership designed primarily to manage family-owned assets while providing certain tax benefits and asset protection. In an FLP, there are two types of partners: general partners and limited partners. The general partners manage the partnership and have unlimited liability, while the limited partners typically contribute...

Family Limited Partnership (FLP) A Family Limited Partnership (FLP) is a type of legal entity that is created to manage family-owned assets while providing potential tax benefits and facilitating the transfer of wealth among family members. An FLP consists of two main types of partners: general partners and limited partners. General partners have full control...

A Family Settlement Agreement is a legally binding contract among family members that resolves disputes related to the distribution of a deceased person's estate without the need for litigation. This agreement is particularly useful in probate situations where disagreements may arise over the interpretation of the will, the value of the estate, or the rightful...

A Family Trust is a specific type of trust designed to hold and manage assets for the benefit of family members. It is often established to ensure that the wealth accumulated by one generation is preserved and effectively managed for future generations. A Family Trust operates under the guidance of a trustee, who is responsible...

Feasibility Study for Land Development A Feasibility Study for Land Development is a comprehensive assessment conducted to evaluate the viability and potential success of a proposed real estate development project. This study examines various factors, including financial, legal, environmental, and market considerations, to determine whether the project is practical and worth pursuing. The Feasibility Study...

Federal Arbitration Act Compliance The Federal Arbitration Act (FAA) is a U.S. federal law that provides for the enforcement of arbitration agreements and governs the arbitration process in the United States. Compliance with the FAA involves adhering to its provisions regarding the validity and enforceability of arbitration clauses in contracts, as well as the procedures...