Glossary Archive

A Payment of Debts Clause is a provision commonly included in a person's will or estate plan that specifies how debts and obligations of the deceased should be handled upon their death. This clause typically outlines that the executor of the estate is responsible for settling any outstanding debts before any assets are distributed to...

A Payment on Death (POD) Designation is a financial arrangement that allows an individual to name one or more beneficiaries who will receive the funds from a specific account upon the account holder's death, bypassing the probate process. This designation is typically used for bank accounts, brokerage accounts, or other financial instruments. When a POD...

Payment Recapture Agreement A Payment Recapture Agreement is a legal contract that allows a party to reclaim previously made payments under specific circumstances. This type of agreement is commonly used in various contexts, including employment, financial transactions, and contractual arrangements, where payments might be reversed or refunded due to certain triggers, such as a breach...

Peacekeeping Agreements in ADR A peacekeeping agreement in the context of Alternative Dispute Resolution (ADR) is a formal agreement between disputing parties that aims to manage or resolve conflicts without resorting to litigation. These agreements are often facilitated by a neutral third party, such as a mediator or arbitrator, and are designed to maintain peace...

Peer Mediation Program A Peer Mediation Program is a structured initiative within educational or community settings where trained students facilitate conflict resolution among their peers. The program aims to equip participants with the skills to mediate disputes, promote understanding, and foster a peaceful environment. Peer mediators typically receive training in communication, negotiation, and problem-solving techniques....

Penalty Clauses in Arbitration Agreements A penalty clause in an arbitration agreement refers to a contractual provision that imposes a punitive financial consequence on a party for failing to comply with the terms of the agreement. These clauses are intended to discourage breaches of contract by establishing a predefined monetary penalty for noncompliance. Typically, penalty...

Per Capita General Overview: Per Capita is a Latin term meaning "by the head" and is commonly used in legal contexts concerning inheritance and distribution of assets. In estate planning and probate, it refers to a method of distributing an estate among beneficiaries, where each beneficiary receives an equal share. Detailed Explanation: When a decedent's...

Per Capita Distribution A per capita distribution is a method of dividing an estate or trust assets among beneficiaries equally, based on the number of individuals entitled to receive a share. This approach ensures that each eligible beneficiary receives an equal portion of the total estate, regardless of the relationship to the deceased or the...

Overview Per Stirpes is a legal term used in estate planning to dictate how an inheritance is distributed among descendants when a beneficiary predeceases the testator (the person who made the will). It ensures that the deceased beneficiary's share goes to their children, rather than being distributed among the surviving beneficiaries. Detailed Explanation In a...

Overview Per Stirpes Allocation is a legal term used in estate planning to describe a method of distributing an estate among heirs. Under this system, if a beneficiary predeceases the decedent (the person who has died), that beneficiary's share is passed down to their descendants, rather than being distributed among the remaining beneficiaries. Detailed Explanation...