Terms with Tag Contract

  • Valid Definition,
    • Sufficient in law; effective.
  • Valuable Consideration Definition,
    • The granting of some beneficial right, interest, profit, or suffering of some detrimental forbearance, loss or default by one party in exchange for the performance of another.
  • Valuation Clause Definition,
    • A clause in an insurance contract that states how much an insurer is willing to pay for an asset after an insured event.
  • Vehicle Service Contract (VSC)Acronym,
    • Void Definition,
      • Of no legal effect. A nullity.
    • Void Cheque Definition,
      • A check with the word "VOID" written on the face that cannot be cashed.
    • Voidable Definition,
      • Where one party to a contract is entitled to rescind the contract at his/her option.
    • Waiting Period Definition,
      • The amount of time that must pass before something occurs.
    • Waiver Definition,
      • The intentional and voluntary renunciation, abandonment, or surrender of some claim, right, or privilege.
    • Waiver of Inventory Definition,
      • An option for an insurance company to choose not to inventory undamaged assets after a claim.
    • Waiver of Premium Definition,
      • A clause that allows an insurer to waive a policyholder's premiums while still keeping the policy in effect.
    • Waiver of Restoration Premium Definition,
      • A provision that frees an insurance policyholder from needing to pay a fee in order to resume coverage after a claim.
    • Warranty Definition,
      • A guarantee from a dealer or a manufacturer that a vehicle or product will perform as expected or specified. An auto warranty usually covers specified mechanical problems for a set number of kilometers or period.
      • A document certifying clear title to a property.
    • Water Damage Insurance Definition,
      • Insurance that covers water damage to insured property.
    • Water Exclusion Clause Definition,
      • A provision that gives an insurer the option to deny coverage for certain kinds of water damage.
    • Wear and Tear Exclusion Definition,
      • A provision that absolves an insurer from paying for damages resulting from an asset's normal wear and tear.
    • Will Definition,
      • A document that states what must be done with a person's estate after his or her death.
    • Witness Definition,
      • To subscribe one's name to a deed, will or other document for the purpose of attesting its authenticity and proving its execution by testifying, if required.
    • Work and Materials Clause Definition,
      • A provision that allows the policyholder to store certain materials in insured property if needed by their line of work.
    • X Definition,
      • A symbol used in contracts, or other legal documents, representing where a signature should appear.
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