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At common law, damages are a remedy in the form of a monetary award to be paid to a claimant as compensation for loss or injury. To warrant the award, the claimant must show that a breach of duty has caused foreseeable loss. To be recognized at law, the loss must involve damage to property, or mental or physical injury; pure economic loss is rarely recognized for the award of damages.
In English civil litigation, costs are the lawyers' fees and disbursements of the parties.
A lien is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation. The owner of the property, who grants the lien, is referred to as the lienee and the person who has the benefit of the lien is referred to as the lienor or lien holder.
An escrow is a contractual arrangement in which a third party receives and disburses money or property for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties. Examples include an account established by a broker for holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction; or, a trust account held in the borrower's name to pay obligations such as property taxes and insurance premiums. The word derives from the Old French word escroue, meaning a scrap of paper or a scroll of parchment; this indicated the deed that a third party held until a transaction was completed.
A contingent fee is any fee for services provided where the fee is payable only if there is a favourable result. Although such a fee may be used in many fields, it is particularly well associated with legal practice.
A stipend is a regular fixed sum of money paid for services or to defray expenses, such as for scholarship, internship, or apprenticeship. It is often distinct from an income or a salary because it does not necessarily represent payment for work performed; instead it represents a payment that enables somebody to be exempt partly or wholly from waged or salaried employment in order to undertake a role that is normally unpaid or voluntary, or which cannot be measured in terms of a task. A paid judge in an English or Welsh magistrates' court was formerly termed a "stipendiary magistrate", as distinct from the unpaid "lay magistrates". In 2000, these were respectively renamed "district judge" and "magistrate".
QuickBooks is an accounting software package developed and marketed by Intuit. First introduced in 1992, QuickBooks products are geared mainly toward small and medium-sized businesses and offer on-premises accounting applications as well as cloud-based versions that accept business payments, manage and pay bills, and payroll functions.
Liquidated damages, also referred to as liquidated and ascertained damages (LADs), are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach. This is most applicable where the damages are intangible.
The revenue recognition principle is a cornerstone of accrual accounting together with the matching principle. They both determine the accounting period in which revenues and expenses are recognized. According to the principle, revenues are recognized when they are realized or realizable, and are earned, no matter when cash is received. In cash accounting—in contrast—revenues are recognized when cash is received no matter when goods or services are sold.
Attorney's fee is a chiefly United States term for compensation for legal services performed by an attorney for a client, in or out of court.
Barristers in England and Wales are one of the two main categories of lawyer in England and Wales, the other being solicitors. Barristers have traditionally had the role of handling cases for representation in court, both defence and prosecution.
A merchant account is a type of bank account that allows businesses to accept payments in multiple ways, typically debit or credit cards. A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions. In some cases a payment processor, independent sales organization (ISO), or member service provider (MSP) is also a party to the merchant agreement. Whether a merchant enters into a merchant agreement directly with an acquiring bank or through an aggregator, the agreement contractually binds the merchant to obey the operating regulations established by the card associations. A high-risk merchant account is a business account or merchant account that allows the business to accept online payments though they are considered to be of high-risk nature by the banks and credit card processors. The industries that possess this account are adult industry, travel, Forex trading business, multilevel marketing business. "High-Risk" is the term that is used by the acquiring banks to signify industries or merchants that are involved with the higher financial risk.
An individual voluntary arrangement (IVA) is a formal alternative in England and Wales for individuals wishing to avoid bankruptcy. In Scotland, the equivalent statutory debt solution is known as a protected trust deed.
The Real Estate Settlement Procedures Act (RESPA) was a law passed by the United States Congress in 1974 and codified as Title 12, Chapter 27 of the United States Code, 12 U.S.C. §§ 2601–2617. The main objective was to protect homeowners by assisting them in becoming better educated while shopping for real estate services, and eliminating kickbacks and referral fees which add unnecessary costs to settlement services. RESPA requires lenders and others involved in mortgage lending to provide borrowers with pertinent and timely disclosures regarding the nature and costs of a real estate settlement process. RESPA was also designed to prohibit potentially abusive practices such as kickbacks and referral fees, the practice of dual tracking, and imposes limitations on the use of escrow accounts.
In English law, a law costs draftsman is a specialist lawyer who settles the legal costs of a court case. The role of the law costs draftsman centres on a procedure known as the detailed assessment of costs, which is controlled by statute in England and Wales. They are concerned with costs relating to all areas of the law and deal with every conceivable type of legal matter that touches upon the subject of costs. An experienced and competent law costs professional may command a salary on a par with that of a solicitor or legal executive.
The Solicitors Regulation Authority (SRA) is the regulatory body for solicitors in England and Wales.
The Funeral Rule, enacted by the Federal Trade Commission on April 30, 1984, and amended effective 1994, is a U.S. federal regulation designed to protect consumers by requiring that they receive adequate information concerning the goods and services they may purchase from a funeral provider.
Legal financing is the mechanism or process through which litigants can finance their litigation or other legal costs through a third party funding company.
Legal protection insurance (LPI), also known as legal expenses insurance (LEI) or simply legal insurance, is a particular class of insurance which facilitates access to law and justice by providing legal advice and covering the legal costs of a dispute, regardless of whether the case is brought by or against the policyholder. Depending on the national rules, legal protection insurers can also represent the policyholder out-of-court or even in-court.
In Australia, trust money in the legal industry is the money a law practice holds on behalf of a client or other people in the course of, or in connection with, the provision of legal services. Trust money is required to be held by a law firm on a client's behalf in a trust account with a bank and is highly regulated. A lawyer or law firm should not appropriate a client's trust money until certain regulations are met, which are different for each state in Australia. The Australian system regulating lawyers and their trust accounts has been labeled by the Rudd Government as an "unwieldy monster".
References
- ↑ Law Society, VAT on disbursements, 10 March 2011, accessed 6 November 2016
- ↑ Solicitors Act 1974
- ↑ Paul McEvoy and Sons Family Funeral Directors, Charges by the Funeral Director, accessed 6 November 2016
- ↑ HMRC, VAT: costs or disbursements passed to customers, published 1 July 2014, accessed 6 November 2016
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