BUSINESS LAW

NEGATIVE NET WORTH A business condition when total liabilities exceed total assets. NEGOTIATED GRIEVANCE PROCEDURE The sole and exclusive procedure available to all employees in a bargaining unit and the employer for processing grievances and disputes. NEGOTIATION Contracting through the use of either competitive or other-than-competitive proposals and discussions. Any contract awarded without using sealed […]

LICENSE – LICENSES – BUSINESS REGISTRATION Businesses are licensed and registered at local and state levels of government. Each state has their own mechanism or criteria for obtaining licenses. Choosing “More…” will take you to state site listings. Source: The U.S. Small Business Administration (SBA): More… [Alabama (AL), Alaska (AK), Arizona (AZ), Arkansas (AR), California […]

MARKET The existing or potential buyers for specific goods or services. MARKET VALUE What a willing buyer will pay for goods, services, a property or a business. MARKETING The total of activities involved in the transfer of goods and services from the producer or seller to the consumer or buyer. Marketing activities may include buying, […]

LEASE A contract between the owner (lessor) and the tenant (lessee) stating the conditions under which the tenant may occupy or use real estate or equipment. Terms usually include a specific period of time and a predetermined rate. LEASE RATE The period rental payment to a lessor for the use of assets. It may also […]

SBA, OMB, GSA and DOD Work Together to Integrate PRO-Net and CCR Database and Simplify Contracting Process for Small Businesses The U.S. Small Business Administration, the Department of Defense, the Office of Management and Budget and the General Services Administration have taken steps to simplify the federal contracting process by creating an integrated database of […]

JOB DESCRIPTION A written statement listing the elements of a particular job or occupation, e.g., purpose, duties, equipment used, qualifications, training, physical and mental demands, working conditions, etc. JOINT VENTURE In a joint venture both firms share, in some proportion, the responsibility and the profits or loss on a contract. They are considered affiliated (see […]