Glossary Archive

Final Offer Arbitration Final Offer Arbitration (FOA) is a dispute resolution process where parties submit their final offer on a particular issue to an arbitrator, who then must choose one of the offers without modification. This method is often used in labor disputes, contract negotiations, and other situations where parties are at an impasse. In...

Probate Probate is the legal process through which a deceased person’s estate is administered and distributed. It involves validating the deceased's will (if one exists), settling debts, and distributing remaining assets to beneficiaries. The probate process is typically overseen by a probate court and can vary significantly based on jurisdiction. When a person dies, their...

Probate Probate is the legal process through which a deceased person's estate is administered and distributed. This process involves validating the deceased's will (if one exists), identifying and inventorying the deceased's assets, paying debts and taxes, and ultimately distributing the remaining assets to the rightful heirs or beneficiaries. The probate process typically begins when a...

Financial Dispute Mediation Services Financial Dispute Mediation Services refer to a structured process in which a neutral third-party mediator assists disputing parties in resolving conflicts related to financial matters, such as debts, investments, or contracts. Mediation is a voluntary and confidential process that allows individuals or organizations to communicate their concerns and explore potential solutions...

Financial Mediation Financial mediation is a process in which a neutral third party, known as a mediator, facilitates discussions between parties to help them reach a mutually acceptable agreement regarding financial issues. This approach is often used in contexts such as divorce, business disputes, or estate planning, where financial assets and responsibilities need to be...

Financing Contingency Clause A Financing Contingency Clause is a provision in a real estate purchase agreement that allows the buyer to back out of the contract if they are unable to secure financing for the purchase of the property. This clause is crucial for buyers who need to obtain a mortgage or other forms of...

Fixture Clause in Real Estate Contracts A fixture clause is a provision in a real estate contract that specifies which items attached to the property are considered fixtures and will remain with the property when it is sold. Fixtures are items that are physically attached to the property and are intended to be a permanent...

Fixture Filing under UCC A Fixture Filing under UCC refers to the process of recording a security interest in personal property that has become so closely associated with real property that it is considered a fixture. Under the Uniform Commercial Code (UCC), fixtures are typically items that were once movable but have been affixed to...

Force Majeure Clause A Force Majeure Clause is a provision typically included in contracts that frees parties from liability or obligation when an extraordinary event or circumstance beyond their control prevents one or both of the parties from fulfilling their contractual obligations. Such events may include natural disasters (like floods, earthquakes, or hurricanes), war, terrorism,...

Force Majeure Mediation Clause A Force Majeure Mediation Clause is a provision commonly included in contracts that addresses the occurrence of unforeseen events that may prevent one or both parties from fulfilling their contractual obligations. This clause typically identifies specific events, such as natural disasters, war, terrorism, pandemics, or government actions, that would qualify as...