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Legal Terms

DECA

TermDefinition
Arbitration Private dispute resolution with a neutral third party, binding decision. ○ Faster, confidential, less formal than court.
Mediation Non-binding dispute resolution; mediator facilitates discussion. Parties voluntarily reach agreement.
Litigation Formal court-based legal dispute resolution. ○ Includes filing complaints, discovery, trial.
Audit Official inspection of financial records, internal controls, and operations.
Tort Law Civil law addressing wrongs that cause harm to people or property.
Liability Exposure Risk of being legally or financially responsible.
Risk Retention Group (RRG) Insurance company owned by similar businesses pooling risk to self-insure.
Settlement Agreement to end dispute without going to trial.
Multifactor Authentication Verifying identity using multiple methods.
Tax-deductible Expense subtracted from taxable income.
ISO 9001 Internationally recognized standard about the requirements for a quality management system (documentation, process control, and continuous improvement). This certification can enhance a company's credibility.
Trade alliances Agreements between countries to promote economic cooperation by reducing trade barriers like tariffs, quotas, and regulations, making it cheaper for businesses to import and export goods. e.g. free trade agreements, economic unions
Created by: HeatherLee0511
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