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Pro rata is an adverb or adjective meaning in equal portions or in proportion. [1] The term is used in many legal and economic contexts. The hyphenated spelling pro-rata for the adjective form is common, as recommended for adjectives by some English-language style guides. In American English, this term has been vernacularized to prorated or pro ...
Herbert Broom′s text of 1858 on legal maxims lists the phrase under the heading ″Rules of logic″, stating: Reason is the soul of the law, and when the reason of any particular law ceases, so does the law itself. [9] ceteris paribus: with other things the same More commonly rendered in English as "All other things being equal."
This term is also often used in the lending area and in bankruptcy proceedings, where creditors are said to be paid pari passu, or each creditor is paid pro rata in accordance with the amount of his claim. Here its meaning is "equally and without preference". There have been cases where decisions were based on different interpretations of the ...
Full tag-along rights are usually found in firms where there are few investors and each investor has strong rights, as “contractual rights of investors balance each other and a controlling member, if any, has limited maneuvering room for extracting private benefits”, while the pro-rata option is “the appropriate measure” for firms with ...
Illustration of the partial payout of Sum Insured against probability of occurrence. Condition of average (also called underinsurance [1] in the U.S., or principle of average, [2] subject to average, [3] or pro rata condition of average [4] in Commonwealth countries) is the insurance term used when calculating a payout against a claim where the policy undervalues the sum insured.
The traditional law dictionary with definitions of legal terms serves to help users understand the legal texts they read (a communicative function) or to acquire knowledge about legal matters independent of any text (a cognitive function) – such law dictionaries are usually monolingual. Bilingual law dictionaries may also serve a variety of ...
Each tenant pays their pro rata share of a property's total CAM charges, which prorated share is the percentage of the tenant's rented square footage of the total, rentable square footage of the property. A common example of a CAM item is the cost of cleaning the walkways in a shopping mall. It is assumed that every tenant benefits from a clean ...
The first edition was published in 1891 by West Publishing, with the full title A Dictionary of Law: containing definitions of the terms and phrases of American and English jurisprudence, ancient and modern, including the principal terms of international constitutional and commercial law, with a collection of legal maxims and numerous select titles from the civil law and other foreign systems.