Glossary Archive

Passive Income Property Agreement A Passive Income Property Agreement is a legal document that outlines the terms and conditions under which one party allows another to generate income from a property without actively managing the property. This type of agreement is commonly used in real estate investments where the property owner (the lessor) rents out...

Patent Dispute ADR Mechanisms Overview: Patent Dispute ADR (Alternative Dispute Resolution) mechanisms refer to the various methods employed to resolve conflicts arising from patent rights without resorting to traditional litigation. These mechanisms provide parties with a way to settle disputes efficiently and privately. Detailed Explanation: There are several ADR mechanisms commonly used in patent disputes,...

A Payable on Death Clause (POD clause) is a provision in a financial account or instrument that designates a specific beneficiary to receive the funds or assets upon the account holder's death, without the need for probate. When an account holder establishes a POD clause, they retain full control over the account during their lifetime....

A Payable on Death (POD) Account is a specific type of bank account that allows the account holder to designate one or more beneficiaries to receive the funds in the account upon the account holder's death, without the need for probate. This account functions similarly to a traditional bank account during the account holder's lifetime,...

A Payable on Death (POD) Clause is a provision included in a financial account or asset that designates a beneficiary to receive the account balance or asset upon the account holder's death. This clause enables the account holder to maintain control over the asset during their lifetime while ensuring a seamless transfer to the designated...

Payment Default Clause A Payment Default Clause is a provision found in contracts, particularly in loan agreements and leases, that outlines the consequences if a party fails to make a required payment by the due date. This clause serves to protect the interests of the lender or lessor by stipulating specific actions that may be...

Payment Default Mediation Payment Default Mediation is a dispute resolution process used when one party fails to make required payments under a contract, such as a loan or lease agreement. This mediation aims to help the parties reach a mutually agreeable resolution without resorting to litigation, which can be costly and time-consuming. In the context...

Payment in Arrears Clause A Payment in Arrears Clause is a provision typically found in contracts, particularly in lease agreements and loan documents, which specifies that payments are to be made after the service or product has been provided rather than in advance. This means that payment for a given period is made at the...

Payment-in-Kind Loan Agreement A Payment-in-Kind Loan Agreement (PIK Loan) is a financial arrangement where the borrower can pay interest either in cash or by increasing the principal amount of the loan. This type of loan allows the borrower to conserve cash flow during times of financial difficulty or when immediate cash is needed for operational...

Payment in Lieu of Taxes (PILOT) Agreement A Payment in Lieu of Taxes (PILOT) Agreement is a financial arrangement between a property owner, often a nonprofit organization or developer, and a local government entity, where the property owner agrees to make payments to the government instead of paying standard property taxes. These agreements are typically...