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- Escrow
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An independent third party who acts as agent for seller and buyer. Upon completion of the transaction and following notification by the buyer that all is in order with the asset to be purchased, the Agent will remit the price to the seller, send documents to the buyer and carry out other agreed instructions.
A Letter setting out detail of the basis upon which we will act as Escrow Agent; including the deposit and price, the documents to be lodged with us and the formula for completion of the transaction.
Evidence of ownership, e.g. in UK registration with the Civil Aviation Authority (CAA) is not in itself evidence of ownership, sale paperwork and certificates in relation to the aircraft.
A clause which provides that the seller retains title in goods until paid for. The purpose is to protect the seller against the insolvency of the buyer; so that the seller still 'owns' the goods for the purposes of the law.
Where a landlord or a tenant fails to carry out an obligation that he ought to do.
A tax payable to HM Revenue & Customs on the value of transactions in property or land.
Assurances given by a seller which, if breached, would entitle the buyer to compensation.
A legally binding agreement in which one party promises not to deal with third parties for a fixed period.
An agreement giving someone the power to do something at a defined time in the future (e.g. buy a property).
High Court Enforcement Officer
These Officers, previously known as Sheriffs' Officers, are able to execute against goods by way of a levy on items within residential or commercial properties. The authority to pursue the debtor is provided by way of a Writ of Fi Fa.
This amounts to an equitable mortgage which provides the Claimant with security over the land specified in the Order. It is possible to apply for an Order for sale of the charged assets.
These are now referred to as Third Party Debt Orders which enables the Claimant to seek an Order that the Defendant's debtor must pay the Claimant instead of the debtor. Such an application is usually made against a bank or building society that has a bank account in credit for the Defendant.
This enforcement method allows a Claimant to make an application to the Court to order the Defendant's employer to make deductions from the Defendant's earnings at source.
This is a method of dispute resolution which is usually more formal and akin to a Court Hearing than Mediation.
Colloquially called “No Win - No Fee”. If this is offered, your solicitor makes no charge if the case is lost, but you have to pay your disbursements and your opponent’s charges which can be protected by insurance. If you win, your solicitor charges a “success fee”, to a maximum of 100%, on top of the normal hourly rate.
Set information given each year to Companies House by Directors of Companies about the Company in question.
Money paid to Company Accountants for them to examine the Company Books in accordance with set rules and to ensure that the Company is being run by those rules.
An agreement between the members (shareholders) of a company governing their relationship to one another in respect of the company (akin to a partnership agreement).
Where a seller parts with goods without being paid in full and therefore makes it a part of the agreement that ownership of those goods shall remain with the seller until paid for in full.
Copyright is a property right which authors have in relation to the works which they create. It is a right to stop copying or exploiting, in various other ways, of author's work without permission, and subsists for a number of years - typically the life of the author and 50 years afterwards.
Trademark is a mark which may be registered in relation to particular classes of goods on the basis that they are distinctive, and distinguish the proprietor's goods from those of his or her competitors.
A patent is a license granted to an inventor which gives the inventor the legal right to stop anyone else from making, using or selling the invention without his or her permission. Patents are territorial rights and they are issued by the UK Patent Office.
This is the common law action, which protects the goodwill of a trader, in his or her business, against competitors whose actions may confuse the public into associating their goods with his or hers.
A temporary event notice is for an event which would normally need a premises licence, but which would be for a maximum period of 96 hours, and would be for a maximum number of 499 people.
Required for any premises offering licensable activities. However, once a licence is granted it is valid for the life of the business, in contrast to the predecessor schemes which generally had to be renewed annually, although an annual fee still needs to be paid to the Licensing Authority. The application for a premises licence must set out the terms of operation, and these will become the main conditions of any licence. It must also include a floor plan of the premises, and there are detailed regulations prescribing the contents od the plan which need to be submitted with the Application to the Licensing Authority, and also detailed Regulations prescribing how an application should be made and authorised. The Premises Licence Holder must be an individual who is authorised and based at the premises, who is the designated premises Supervisor who must hold a Personal Licence. Alcohol cannot be sold under a premises licence when there is no designated premises Supervisor.
The Licensing Act 2003 recognises that members social clubs give rise to different issues for licensing law than commercially run premises selling direct to the public. These clubes (such as working men's or cricket or rugby clubs) are generally organisations where members join together for a particular social, sporting or political purpose. The Licensing Act contains detailed provisions specifying what conditions a club must fulfill before an application for a Club Premises Certificate can be made. There are are also detailed Regulations prescribing how an application should be made and advertised, and prescribing the content of the plan to be submitted with the application. One major difference is that there is no requirement for a designated premises Supervisor.
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