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Business gateway - Business terms
Category: Business and Law > Business
Date & country: 21/01/2010, UK
Words: 759

Removal authority
A release note that is produced when a request has been made for goods in transit or for goods being removed to another shed or another airport.

Removal document
Either single administrative document (SAD) copy three, approved commercial document, laser printed or approved privately printed versions of the SAD.

The term includes goods dispatched to another member state of the European Union (EU) and goods exported to a destination outside the EU.

Repetitive Strain Injury (RSI)
RSI refers to the same conditions of Work Related Upper Limb Disorders (WRULDs). RSI usually refers to pain in the arm when working with computers. The preferred term is WRULDs.

To take possession again of a property or goods after non-payment of money owed. This might follow a court order.

Has two meanings in contract law. The first is where one party refuses to comply with a contract - this amounts to a breach of contract. The second is where a contract was made by a minor - a person under the age of 18 - who then repudiates it at or shortly after reaching the age of 18. Then the repudiation voids the contract rather than causing a ...

A court order to restore a company to the register after it has been struck off. If a company has been struck off at the end of a winding up it can only be restored within two years - but if struck off for another reason, such as failure to file returns, it can be restored within twenty years. The usual reasons are to regain property the company ow...

Restricted goods
Goods needing a licence or certificate before they can be imported into, or exported from, the UK.

Restrictions and sanctions
The regime under which restrictions, embargoes and sanctions are applied to trade in certain goods, or with certain countries or persons.

Retail banking
Services provided by banks for individual customers such as savings accounts, personal loans and cheque cashing.

Retail price index (RPI)
The official measure of inflation calculated by weighting the costs of goods and services to approximate a typical family spending pattern. RPI-X is the Retail price index excluding mortgage interest. RPI-Y is the Retail price index excluding indirect taxes and mortgage interest.

Return on investment (ROI)
Simplistic accountancy valuation method that uses the division of the gain of an investment by its cost to provide a percentage figure indicating how well it might perform. The higher the percentage figure the greater the perceived return.

Return premium
A premium payable back to the insured as a result of a change in policy cover or declaration adjustment to reflect reduced exposure or sums insured.

Returned goods relief (RGR)
A system of duty relief for goods previously exported from the European Union and re-imported in the same state as at export.

Revenue trader
A person importing, exporting, producing, handling, processing, packaging, transporting or dealing in goods chargeable with excise duty.

Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 1995 -Under RIDDOR, you are required to report work-related accidents, diseases and dangerous occurrences. It applies to all work activities, but not to all incidents.

Ringelmann Smoke Charts
Ringelmann Smoke Charts are a series of four visual charts graded from white to black used to define the darkness of smoke. The charts can be found in the British Standard BS2742.

A risk is the chance, high or low, that people or the environment will be harmed by a hazard.

In insurance, this is the probability of an insured loss occurring.

Risk assessment
A risk assessment is an examination of what in your work could cause harm to people or the environment. This will enable you to decide what precautions you should take to prevent that harm from occurring.

Risk phrases
These are phrases assigned under the Chemicals (Hazard Information and Packaging for Supply) Regulations 2002 (CHIP) to chemicals, eg R22 'harmful if swallowed', R10 'flammable'. They describe the hazards of a chemical/product and are included in safety data sheets (SDS).

Restriction on the use of hazardous substances in electrical and electronic equipment.

A communications device that connects two networks, for example a local area network to the Internet. A router sends its traffic by reading the destination addresses of the blocks of data (packets) and deciding on the best route to send them so that they arrive at the correct network address.

Rural Payments Agency (RPA)
Agency with responsibility for issuing agricultural licences, collecting Common Agricultural Policy (CAP) charges and paying CAP refunds. The RPA was previously known as the Intervention Board Executive Agency, the Intervention Board for Agricultural Products or simply as the Intervention Board.

Simplified Administrative Accompanying Document -A control document for duty paid goods moving between European Union member states.

Safety data sheet (SDS)
An SDS must be supplied if the chemical is dangerous and supplied for use at work. The SDS provides information on: the hazard of the chemicals, handling and storage, its environmental effects, exposure controls, and Personal Protective Equipment (PPE).

Statutory Adoption Pay

The ability to expand the number of users or increase the capabilities of a computing solution, without making major changes to the systems or application software. Essential to prevent a technology solution from being a stumbling block to organisational growth.

Sea waybill
A waybill that covers both domestic and international transportation of goods to a specified destination by sea. This is a non-negotiable instrument of sea transport that serves as a receipt for the shipper, indicating that the carrier has accepted the goods listed and obligates itself to carry the consignment to the port of destination according t...

Stock Exchange automated quotations systems -A continuously updated electronic noticeboard used by the London Stock Exchange to provide details of market makers' bids and offer prices and trade reports of UK securities.

An inspection carried out to establish whether any legal restraints, planning applications or aspects of legal ownership might affect the purchase of a property. Solicitors will look into land registry and local government records when pursuing this.

Search engine
A tool that creates indices of websites, usually based upon their content and key words. The search engine has an interface that allows the user to key in specific search terms and then presents them with a list of those web addresses that meet the specified requirement. The list is presented in hypertext form which means that the user can click on...

Secure sockets layer (SSL)
A network protocol that provides security to web-based network traffic via authentication, encryption and message integrity services. It is used in e-commerce to prevent hackers from stealing sensitive information contained in electronic transactions.

Secured loan
A loan in which a borrower pledges an asset such as a home or car that may be sold if the borrower is unable to repay the loan. Secured lending is viewed as less risky than unsecured lending and interest rates are generally lower to reflect this.

General name for stocks and shares of all types.

Serial port
A socket on a computer that is used for serial communication (one bit at a time) between a computer and another device. The serial port is normally used for the connection of a modem.

A powerful computer on a network that acts as a store for data and software. It also controls access to workstations, printers and other parts of the network.

Service contract
Directors and officers are usually given service contracts that are formed differently from a contract of service, which is a more formal description of an employment contract. This is because directors and officers are not always employees.

Service level agreement (SLA)
A contract between a service provider and a customer that specifies, in measurable terms, what services the provider will deliver to the customer. Typically used by commercial service providers such as ISPs and outsourcing companies. The agreement is likely to include the percentage of time that a specified service should be available (the up-time)...

London Stock Exchange's electronic trading service.

An investment in, and part ownership of, a company, conferring the right to part of the company's profits, usually by payment of a dividend. Shares may also carry voting rights and, in the case of public companies, can be traded on the open market.

Share capital
Shares issued to or available to be issued to shareholders. Issued share capital is the value of shares issued to and held by shareholders. Authorised share capital is the value of the shares available to be issued. Issued share capital cannot exceed authorised share capital.

Share premium
The excess paid over a share's nominal value.

Shared secrets
An additional level of security for online services. For example, if an agent or client forgets their user ID or password and calls the Helpdesk, they will be asked their shared secrets for identification purposes. An agent will be asked to enter these the first time they transact online using the service.

Own the company by holding shares in it. In a private company they may also be the directors. In a public company they can include members of the public who have bought shares through a market such as the stock exchange.

Shareholders' agreement
An agreement between all the shareholders about how the company should be run and the application of the rights of the shareholders. This acts as a contract between the members, but as the company itself is not a party to it the company is not bound by it.

Sharia'a Law
Islamic law that prohibits the charging or receiving of interest (riba) on loans.

Shed identity
A three-letter code that provides a unique identity for a transit shed located at a Cargo Community System airport.

Simplified procedure values (SPV)
A special system for valuing certain fresh fruit and vegetables.

Single European Declaration (SED)
The European Union form used to declare imported goods to Customs.

Single market
Measures brought into force by the European Union, creating an area without internal frontiers in which the free movement of goods, persons, services and capital is ensured. These required important changes to the way VAT and some excise duties are charged and accounted for.

Standard international trade classification -Standard numerical code system developed by the United Nations to classify commodities used in international trade.

Public body which aims to help businesses trade more effectively across national borders and cut the red tape associated with international trade.

Small Firms Loan Guarantee (SFLG)
Government service which provides lenders with a guarantee against default on loans made to small businesses.

Statutory Maternity Pay

Unsolicited emails sent to large numbers of recipients.

Special resolution
A resolution requiring a majority of three quarters to vote in favour of it. Used for particular types of resolution as set out in legislation, eg a change of name or alteration to the articles.

Special territories
Countries or areas that are effectively part of the Customs territory of the European Union but not part of the fiscal (excise duty and VAT) territory. Goods imported from these territories are liable to VAT and excise duty (if appropriate) unless they are eligible for a relief. These territories are the Aland Islands, the Canary Islands, the Chann...

Special waste
Waste that has hazardous properties that may render it harmful to human health or the environment, eg batteries, oils and oil filters, paint and ink, chemical waste, solvents. The term now only applies in Scotland - England, Northern Ireland and Wales use 'hazardous waste'.

Specific duty
Duty based on a unit quantity (for example litre or kilogram) of the imported goods.

Simplified procedure for import clearance -A simplified procedure for Customs clearance of imported goods of a value not exceeding £600.

Term used to describe an online imposter who is pretending to be someone or something they are not. The most common form of spoofing is the forging of an email header so that the message appears to have come from someone other than the actual source. This approach is frequently used by distributors of spam.

Statement of standard accounting practice.

Stamp Duty (SD)
Tax on transactions. Only applied to specific types of transactions, eg dealings in land buildings shares and ships.

Stamp Duty Land Tax (SDLT)
The tax payable to the government upon the transfer of ownership of a property or share.

Stamp Duty Reserve Tax (SDRT)
Tax payable on the purchase of shares in UK companies and foreign companies with a register in the UK.

Standard exchange system (SES)
The SES is a variant of outward processing relief, which allows duty relief to be granted on goods imported as replacements for faulty goods which have been exported from the community for repair. Traders may import replacements before the faulty goods are exported, if they are authorised to use SES with prior importation.

Standard import values (SIV)
A special system for valuing certain fresh fruit and vegetables at certain times of the year, when the entry price system is in force. SIVs do not operate concurrently with simplified procedure values.

Standard shipping note (SSN)
Document completed by the exporter which tells destination ports and container depots and ports how the goods should be handled. A dangerous goods note must also be sent if the goods are classified as dangerous or hazardous.

State second pension (S2P)
An additional State pension, based on income level and National Insurance contributions, available to low to moderate income earners, and certain carers and people with a long-term illness or disability. Formerly called the additional State Pension or SERPS.

Statement of affairs
The listing of a debtor's assets and liabilities. It is required in receiverships and windings up, and sworn under oath by the debtor before a lawyer or Commissioner for taking oaths.

Statutory nuisance
A statutory nuisance is only regarded as such if it affects local people. It could arise from noise, smoke and fumes, dust, steam, odours, and build up or deposit of waste and materials.

Stock market
The market for the sale and purchase of shares, government bonds and other securities.

In Britain, it refers to government debt securities, such as a gilt-edged investment, where a reasonable level of interest can be earned on a very low risk investment. In America, a stock is more likely to be a share.

Striking off
The removal of a company's name from the official register kept at Companies House. Signifies the official death of the company. Its name can then be taken by a new company, but its registration number cannot be reused.

Subject to contract
Words used at the head of documents by parties during negotiations. They indicate that the document is not an offer or acceptance and that negotiations are still going on.

Subject to survey
Phrase used by an insurer to signify provisional acceptance of a risk pending inspection by a surveyor whose report is then part of the assessment of that risk. The insurer reserves the right to vary or withdraw any offer as a result of the survey. The insurer may also impose specific requirements or make recommendations for risk improvement.

A lease that is given by a tenant on part or all of the leased premises to another person for a period shorter than the original lease, while still retaining some interest.

Insurer's right to pursue action in the insured's name against the party considered legally liable for the loss or damage.

Subsidiary company
A company that is over half owned by another company - its parent company.

An insolvency practitioner appointed following the approval of a voluntary arrangement to monitor its progress, recover assets and contributions, report to and pay distributions to creditors and terminate the arrangement on succesful completion or prematurely should the debtors fail to meet their obligations under the arrangement.

Supplementary declaration (SD)
Another name used to describe a post-shipment declaration. Under the New Export System it is an electronic message sent to the Customs Handling of Import and Export Freight (CHIEF) system to declare statistical and control information for all consignments exported under either the local clearance procedure or the simplified declaration procedure.

Surface waters
Bodies of water on the surface of the land, eg rivers, lakes.

Sustainable development
Sustainable development is the concept of 'development that meets the needs of the present without compromising the ability of future generations to meet their own needs'.

Table A
Standard form of articles of association for a company limited by shares. Companies limited by guarantee or unlimited must file full articles or specifically adopt one of the other tables. Table A provisions act as default terms to cover points not expressly mentioned in the company's own constitution.

A comprehensive set of commodity codes used by HM Revenue & Customs for import and export purposes.

Tariff quota (TQ)
A form of European Commission preference under which limited amounts of specified goods may be admitted to free circulation at reduced or nil rates of duty and/or Common Agricultural Policy levy within a given period. The limit may be expressed in units of weight, volume, quantity or value. Once a quota has been exhausted, the commodity may still b...

Tariff quota serial number (TQSN)
The specific number given to each separate Tariff quota to allow claims to each quota to be readily identified.

Tax warehouse
A warehouse authorised by HM Revenue & Customs for the deposit, without payment of duty, of goods liable to excise duty. There are special requirements for premises for the storage of oil.

Taxable person
Importers who are registered for VAT and are re-importing goods in the course of their business.

Temporary duty suspensions
Designed to allow European Union (EU) manufacturing and processing industries to compete on equal terms with non-EU producers of finished products. Import duties on components or raw materials intended for further processing are partially or completely suspended. This is providing that the goods are either not available, or not available in suffici...

Temporary importation (TI)
A relief for goods imported to the European Union for certain purposes, or under certain conditions, and which will then be re-exported.

The temporary possession or occupancy of property that belongs to another. It also refers to the period of a tenant's possession.

The way in which a property is held, eg freehold tenure or leasehold tenure.

The Tariff
The Integrated Tariff of the United Kingdom. This sets out information about Customs procedures for the import, export and transit of goods. It also includes details of how goods are classified for Customs purposes and the rates of duty and VAT which apply to them.

Third country
Any country or territory which is not part of the European Union.

Third party
Person who is injured or whose property is damaged by the policyholder (the first party). The second party is the insurer.

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...