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Glossary
Arbitration
The hearing and decision of a dispute.
Business interruption Insurance
Insurance to cover the period of loss of trade between the date of loss and the date of reinstatement of business.
Caution
Security for a deed or a debt.
Cautioner
Individual taking out a bond of caution.
Damages
A sum of money claimed as compensation for loss, injury or damage.
Debt
Money legally owed.
Decree
The final judgement of a court.
Head of loss
(Sub) categories of claim - what is claimed for each potential aspect of the claim.
Indemnity insurance
Insurance cover for loss or damage.
Judicial rate
Rate of interest to be charged on claims for debt or damages, set by the courts.
Jurisdiction
The authority of the court to administer justice and to apply laws, within a particular territorial area.
Litigation
The process of bringing or contesting a lawsuit.
Obligation
A legal agreement between two people where a creditor is entitled to enforce rights and duties.
Official dealing rate
The rate set by the Monetary Policy Committee of the Bank of England for the money market.
Pecuniary
Relating to money.
Recompense
To restore value.
Rectification
To put right.
Remuneration
Payment.
Restitution
To restore property to the owner.
Summary cause action
A court action seeking payment or delivery of goods to the value of £1,500.
Unjustified enrichment
Where an individual receives unmerited or unjustified benefit from another person's loss.
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