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Business gateway - Business terms
Category: Business and Law > Business
Date & country: 21/01/2010, UK
Words: 762


Third party liability
Liability of the insured to a person or persons who are not directly involved in the insurance contract.

Throughput level
The quantity of goods passing through a warehouse.

Tobacco products
These products include cigarettes, cigars, hand-rolling tobacco, other smoking tobacco, and chewing tobacco, which are manufactured wholly or partly from tobacco or any substance used as a substitute for tobacco. Tobacco products are liable to excise duty which is generally based on the quantity or weight of the goods. Cigarettes are also liable to...

Tobacco Products Duty (TPD)
An excise duty chargeable on tobacco products.

Trade effluent
Any liquid waste resulting from a business' processes. Trade effluent includes waste chemicals, detergents, substances used for washing such as oils, solvents, chemicals, adhesives, inks or powders, run-off water from hard surfaces contaminated with oil, eg car parks, maintenance bays.

Trade effluent consent
A permit issued by your local sewerage undertaker that allows you to discharge certain matter into sewers subject to strict conditions.

Trade facility warehouse
Approval is restricted to the specific needs of an export shop. The qualifying criteria of a general storage and distribution warehouse is not required for this type of warehouse.

Trademark
A registered name or logo that is protected by law. Must be registered with the Patent Office.

Transfer Freight Manifest (TFM)
A removal authority for airfreight consignments which are to be transferred from one transit shed to another before going to the final destination.

Transfer note
In accordance with the Duty of Care, a waste transfer note has to be produced when waste is transferred from one waste holder to another in the waste management chain and includes a description of the waste. A transfer note must be completed and signed by both persons (holders) involved in the transfer.

Transfer of shares
An existing shareholder transfers issued shares to another person who is then registered as the holder of those shares.

Transfer To Escrow (TTE)
Gives control over specified securities to another CREST member without there being a transfer of title.

Transhipment
A movement where the goods are imported and exported within the confines of a UK airport or port in the course of a movement which started and will end outside of the UK.

Transit
The movement of goods from one European Union member state to another without the need to 'enter' them to a Customs procedure.

Transit shed
A place approved by HM Revenue & Customs for the deposit of imported goods that have not been assigned to a Customs approved treatment or use and/or the temporary deposit of goods intended for export.

Transmission of shares
An involuntary disposal of shares either on death or in the course of bankruptcy.

Triangulation
Triangulation is the term used to describe a chain of supplies of goods involving three parties in three different countries. But, instead of the goods physically passing from one to the other, they are delivered directly from the first to the last party in the chain.

Trojan Horse
Program that causes unexpected and undesirable effects when installed or run by an unsuspecting user. These effects may be immediate or they may wait for some predetermined time or condition before they are triggered.

Trustee in bankruptcy
Insolvency practitioner appointed to realise a bankrupt's assets and pay distributions to creditors.

TUPE
The Transfer of Undertakings (Protection of Employment) Regulations 2006

Uberrima fides
Utmost good faith (Latin). In certain types of contract, the parties must act in good faith and declare all relevant facts to the other side even if they do not ask. This only usually applies to insurance contracts where the insured person must declare all known risks. It is an exemption to the general contract rule of caveat emptor.

UK Trade & Investment (UKTI)
An organisation responsible for promoting the development of UK exports and encouraging foreign companies to invest in the UK.

UK transit
A procedure for moving goods under Customs control when import or export formalities are carried out away from the place of importation or exportation, and the movement does not involve another European Union member state. Also know as national transit.

UNCTAD
United Nations Conference on Trade and Development -Main arm of the United Nations General Assembly dealing with trade, investment and development issues.

Underwriter
A person who signs as party to a contract. Now usually only applied to insurance contracts where the underwriters are those who agree to bear all or part of the risk in return for the premium payments. Underwriters at Lloyd's of London are also known as 'names'.

Underwriting agreement
An agreement to accept the risks under an insurance contract. The underwriters sign the agreement and indicate how much of the risk they are prepared to take and they receive a proportionate part of the premium.

Unfair terms
Some contract terms are made unfair by legislation and will not be enforced by the courts. They may even be interpreted against the party that included them in the contract. The legislation mainly protects consumers but can also apply where there is a business to business contract. The protection is much greater for consumer contracts than for busi...

Uniform resource locator (URL)
A standard form for addresses on the Internet. A URL can lead you to a file on any computer connected to the Internet anywhere in the world. Usually this is a page of a website (frequently the home page) but it can also be a downloadable file or an audio or video stream.

Unique consignment reference (UCR)
A reference, allocated by the Customs freight simplified procedures authorised trader to each import or export consignment, which can be used to trace the consignment through all the trader's records.

Unit trusts
Funds formed to manage investments collectively on behalf of a number of investors and run by a financial services company and a fund manager.

United Nations (UN)
An international organisation that acts as a forum for discussion and regulates international relations. Head offices are in Geneva and New York.

Universal serial bus (USB)
Fast becoming the usual way to plug additional devices such as printers and cameras into a PC. USB is cabled in a daisy-chain fashion and up to 127 devices can be supported from a single USB connection.

Upper earnings limit (UEL)
Employees pay National Insurance contributions on earnings between the Lower Earnings Limit and the UEL. An additional 1 per cent is paid on all earnings over the UEL.

User acceptance testing
A phase of software development in which the software is tested in the 'real world'. It can be undertaken in-house but increasingly the test version is made available for downloading and free trial over the web. User comments are fed back to the developers who make final changes before releasing the software commercially.

Utmost good faith
Duty placed on both parties to an insurance contract. The insured has to disclose material facts while insurers have to act reasonably and communicate clearly.

UURBS
Unfunded unapproved retirement benefits scheme -An individual arrangement set up under a trust between an employer and employee to provide a top-up to the occupational pension scheme. No funds are actually set aside so it does not attract tax but is registered in the employer annual accounts. The HM Revenue & Customs preferred term for an UURBS is now an Employer-Financed Retirement Benefits Sch...

Value added tax (VAT)
In international trade, VAT is generally payable on all imports at the same rate that would apply to the product or service if supplied in the UK. Most exports are zero-rated for VAT.

Value added tax (VAT)
A tax on the final consumption of most goods and services. It is collected at every stage of production and distribution. If in any period of 12 months or less your taxable turnover exceeds the registration threshold or there are reasonable grounds for believing that your turnover in the next 30 days alone will exceed the registration threshold, yo...

VAT And Duties Tribunal
An independent body that provides a method of dealing with disputes concerning VAT, and both Customs and excise duties.

Vendee
The person to whom a property is sold.

Vendor
The person who is selling a property.

Virtual private network (VPN)
A VPN is a private data network that makes use of a public network such as the Internet. VPNs maintain privacy through the use of tunnelling protocol (which provides a secure point-to-point 'tunnel' for data transfer) and other security procedures, particularly data encryption. They are a significantly cheaper option than a dedicated private networ...

Virus
A malicious computer program that can cause damage to systems and potential corruption or destruction of information. These can be contracted through loading software, opening attachments in unchecked emails and downloading programs or documents from websites. You should always use up-to-date anti-virus software to detect viruses, prevent access to...

Void contract
A void contract is one that cannot be performed or completed at all. A void contract is void ab initio (from the beginning) and the normal remedy is rescission to put the parties back to where they were. A contract is void where one party lacks capacity, where it is based on a mistake or where it would be illegal if completed.

Volatile Organic Compound (VOC)
A wide range of organic chemicals that readily evaporate at room temperature. VOCs are present in solvents, paints and exhaust fumes. There are limits on the emissions of VOCs.

Voluntary arrangement (VA)
An agreement between a debtor and its creditors under which the debtor continues trading and pays the creditors a proportion of their debts. VAs are available to companies as an alternative to placing the debtor into liquidation. VAs can also apply and to individual debtors as an alternative to bankruptcy.

Warehouse
A place approved by HM Revenue & Customs for the storage of goods without the payment of certain duties or taxes which would normally be due on those goods. The main types of warehouse are Customs warehouses, excise warehouses and Customs and excise warehouses.

Warehoused goods
Goods placed under the Customs warehousing arrangements.

Warranty
A promise made in a contract which is less than a condition. Unlike failure of a condition, failure of a warranty will result in liability to pay damages but will not breach the contract.

Warranty
In insurance, a condition which goes with a policy and must be strictly complied with for a claim to be paid under the policy.

WEEE
Waste Electrical and Electronic Equipment Regulations 2006 -Legislation that aims to increase the amount of electrical and electronic equipment that is recovered and recycled.

Wi-Fi
Wireless fidelity - a high frequency, wireless, local area network (LAN) that operates over a short distance.

Wide area network (WAN)
A network that spans a large geographical distance. Increasingly it may be made up of cable, satellite and microwave technologies.

Winding-up
Formal procedure for disbanding a company. This may be voluntary by the members where a company no longer has any purpose. However, this commonly happens when the company is insolvent.

Wireless LAN
Wireless local area network - a local network that allows devices to connect to each other using radio wave technology rather than conventional cabling or fibre optics.

Without prejudice
Term used in negotiations over disputes where an offer is made in an attempt to avoid going to court. If the case does go to court no offer or facts stated to be 'without prejudice' can be disclosed as evidence. This is often misused by businesses during negotiations when they actually mean subject to contract.

Working capital
The amount of capital or current assets available for use in operating the business. Commonly calculated as the amount by which current assets exceed current liabilities.

Working Tax Credit
Support provided for employees on a low income paid directly to claimants by HMRC since 1 April 2006.

Workplace Exposure Limit (WEL)
WELs are established by the Health & Safety Commission and are intended to prevent excessive exposure to specified hazardous substances by containing exposure below a set limit. They can be found in the publication EH40, which is revised and published yearly.

World Trade Organisation (WTO)
Inter-governmental organisation set up in 1995 to negotiate and administer trade agreements, handle trade disputes and monitor national trade policies.

Worm
Similar to viruses but they do not need a carrier program or document. They typically spread themselves without any action by a computer user. Worms simply create exact copies of themselves and travel between connected computers by exploiting security 'holes' in the computer's operating system. As the worm spreads, it can create a lot of traffic on...

XML
Extensible markup language - used extensively in e-commerce, XML is a standard for data formats that is designed to enable different computer programs, including business software packages, to share and process data. XML uses a tag system that allows companies or trading communities wishing to exchange business information, to agree upon a standard...