Glossary Archive

Loss Mitigation Mediation Services Loss Mitigation Mediation Services refer to a structured process where a neutral third party facilitates negotiations between borrowers facing financial difficulties and their lenders. The goal is to reach a mutually agreeable resolution that can help the borrower avoid foreclosure or other severe financial repercussions. In the context of real estate...

Lot Line Adjustment Agreement A Lot Line Adjustment Agreement is a legal document that outlines the terms and conditions for modifying the boundaries of adjacent parcels of land. This agreement is typically used when two or more property owners agree to change their lot lines to better utilize their properties or to resolve any boundary...

Maintenance Covenant in Property Agreements A maintenance covenant is a legally binding agreement within a property contract that obligates one party, often the property owner or developer, to perform specific maintenance tasks on a property. This covenant is designed to ensure that the property remains in good condition and is properly cared for, which can...

Malpractice Allegations in Arbitration Malpractice allegations in arbitration refer to claims made against professionals, typically in fields such as law, medicine, or finance, alleging that they failed to provide the standard of care expected in their profession, leading to harm or damages to a client or patient. Arbitration is an alternative dispute resolution process where...

Malpractice Mediation Malpractice mediation is a dispute resolution process designed specifically for cases involving allegations of professional negligence, particularly within the medical, legal, or financial sectors. This process involves a neutral third-party mediator who facilitates discussions between the parties involved—the plaintiff (the party alleging malpractice) and the defendant (the professional accused of malpractice)—to help them...

Management Agreement A Management Agreement is a contractual arrangement in which one party (the manager) is authorized to manage the business operations or assets of another party (the owner or principal) for a specified period of time. This agreement typically outlines the responsibilities, scope of authority, compensation, and duration of the management services being provided....

Management Rights Clause A Management Rights Clause is a specific provision commonly found in labor agreements that delineates the rights and responsibilities retained by an employer or management team. This clause asserts the employer's authority to manage, direct, and control the operations of the business, including making decisions related to hiring, firing, discipline, promotion, and...

Mandatory Arbitration Clause A mandatory arbitration clause is a provision included in a contract that requires the parties to resolve disputes through arbitration rather than through litigation in court. This clause typically specifies that if a disagreement arises related to the contract, the parties must submit their dispute to an arbitrator, who will make a...

Mandatory Mediation Program A Mandatory Mediation Program is a structured process in which parties involved in a dispute are required to participate in mediation before proceeding to litigation. This program is often implemented by courts to encourage settlement and reduce the number of cases that go to trial. In this program, a neutral third-party mediator...

The Marital Deduction Election is a provision in U.S. tax law that allows a surviving spouse to deduct the value of property transferred to them from the deceased spouse's estate, thereby reducing the taxable estate. This election is primarily relevant when determining the estate tax liability after the death of one spouse. Under the Marital...