What is Warranty of Title? A warranty of title is commonly used in the real estate and mortgage industries, although, it can sometimes be used in a business arrangement. A warranty of title is an assurance given by the seller of a property that he has the right to sell or transfer ownership of the property. This warranty guarantees that no other per...

What is the Glass Ceiling? The glass ceiling refers to a barrier that makes professional advancement difficult for a section of employees. The glass ceiling often affects women and the minority section of employees. This term is a metaphorical term that denotes an invisible barrier shielding a given section of employees from being promoted to manage...

What is a  Horizontal Territorial Agreement? Under the Sherman Act 1, a territorial agreement that allocates geographical areas among competitors may be a horizontal restraint of trade. In a horizontal territorial agreement, competing businesses enter into an agreement not to compete with or infringe upon another competitor within an exclusive geogr...

What is a Land Lease Option? A land lease option refers to clause in a real estate contract which permits the lessee or renter the right, but not the obligation, to use a property longer than the period specified in the contract. Conventionally, the lessee or renter is supposed to pay a premium for the option, like a token amount in each year of the...

What is an Aval? Aval refers to a written guarantee by a third party attached to a debt obligation which assures that a bill of exchange will be paid at maturity. The third party that issues an aval is not the drawer, payee, acceptor, endorser or holder of a debt obligation, but guarantees that payment will be made even if the issuing party defaults...

What is the American Customer Satisfaction Index (ACSI)? The American Customer Satisfaction Index is an economic barometer that measures the United States consumer satisfaction as far as products and services are concerned. The ACSI produces 4 levels of scores or indexes. The levels include 44 industry score, 10 economic sector score, national custo...

What is the Central European Free Trade Agreement (CEFTA)? The Central European Free Trade Agreement (CEFTA) is a trade agreement among non-EU nations that mostly belong to Southeastern Europe. It was established by members representing Hungary, Poland, and Czechoslovakia, and gradually, spread its roots in countries including Romania, Moldova, Serb...

What is a Master Limited Partnership? A master limited partnership also known as MPL, refers to a limited partnership traded publicly in an exchange. The operation of the MPL is generally in the financial services, natural resources, and real estate industries. However, the use of MPL was effectively limited to the natural resources sector and the r...

What is an Early Stage Business? Early-stage is a term used to characterize a startup business venture. It generally concerns the phase of startup development generally preceding the rapid growth phase. The early stage is characterized by activities such as research development, marketing research, and product business development.  This is consider...

What are Third-party Logistics? Third-party Logistics, also called 3PL or TPL, describes an approach that organizations or companies use in the distribution and provision of services. This approach entails the use of a third-party company in the distribution of goods and services to the desired clients. An external party (third-party) handles procur...