It is important to note that an insurance adjustment is not the same as an insurance claim. An insurance claim refers to the initial notification made by the policyholder to the insurance company about a loss or damage. The insurance adjustment, on the other hand, is the subsequent process of...
This is because you have offered a separate sum if the work is completed early, and this acts as an incentive. Fixed-price with economic price adjustment contract (FP-EPA) A fixed-price with economic price adjustment contract is slightly more complex than the other two types. It operates ...
An aggregate adjustment is a payment into an escrow account that is designed to top it up to a required level. In some cases, the aggregate adjustment may come in the form of a credit from an account that has surplus funds. Two of the most common forms of aggregate adjustment involve ...
Using a Letter of Credit is crucial in international trade where the reliability of contracting parties cannot be easily verified. It offers sellers the assurance that they will receive payment as long as they meet the delivery specifications. For buyers, it ensures that no payment obligation arises...
Ironclad is not a law firm, and this post does not constitute or contain legal advice. To evaluate the accuracy, sufficiency, or reliability of the ideas and guidance reflected here, or the applicability of these materials to your business, you should consult with a licensed attorney. Use of...
A qualified assignment is a transfer of a contractual obligation to make future periodic payments, which satisfies the requirements of Internal Revenue Code (IRC) §130. In a structured settlement agreement, the original obligor (the defendant, insurance carrier for the defendant, or the trustee of...
Fixed assets are resources with an expected life of more than a year, such as plants, equipment, and buildings. An accounting adjustment known asdepreciationis made for fixed assets as they age. It allocates the cost of the asset over time. Depreciation may or may not reflect the fixed ass...
By definition aMortgage Servicing Right, herein referred to as MSR(s), is a contractual agreement where the right, or rights, to service an existing mortgage are sold by the original lender to another party who, for a fee, performs the various functions required to service mortgages. As a ...
Looking at my payment count adjustment on the StudentAid website, it shows my payment progress on the SAVE plan is at 240/300 payments. However, it also says that if I switched to the IBR plan, I’d be at 240/240 and thus eligible for immediate forgiveness. This seems like a glitch...
For many job seekers, temporary work offers a flexible, dynamic option that can fit a variety of schedules and career goals. But what is a temporary job, exactly? Often called temp work, contractual work, or freelance work, temporary jobs are roles designed for a specific period rather ...