Recourse Definition

GLOSSARY

Published by a UU��ֱ�� Banking & Finance expert

What does Recourse mean?

The right to require a party to repurchase a receivable for a defined repurchase price.

View the related checklists about Recourse

Responding to a freezing injunction—checklist

Responding to a freezing injunction—checklist This Checklist provides a suggested approach for dealing with and responding to a freezing injunction. It is intended as a starting point, listing various key matters which you should consider when preparing your client’s response. It is assumed that: • the freezing injunction was granted pre-action and without notice, and • your client is the defendant in the underlying substantive claim For further guidance on freezing injunctions generally, see Practice Notes: • Freezing injunctions—guiding principles • Freezing injunctions—the application • Freezing injunctions—the draft order Ensuring you have all the necessary documentation The applicant should have provided the following documentation (at the very least): • the application notice • the affidavit(s) in support • the sealed order • a transcript of the hearing • the skeleton argument (if one was used at the hearing) If any of the above documents are missing, ask the applicant’s solicitors for them as a matter of urgency. You will need all of the documents relied upon at the without notice...

Commercial contract review and execution (business personnel)—checklist

Commercial contract review and execution (business personnel)—checklist This is a Checklist for in-house lawyers to provide to those of its employees (eg procurement or sales professionals) who are engaged in negotiating commercial contracts. It sets out the primary issues to consider when negotiating or reviewing a business-to-business commercial contract, and includes practical guidance. This Checklist may be suitable for use in low risk contracts where employees who are not legally qualified are authorised to conduct negotiations and contract review. It may be customised as required to work with a company playbook on contract negotiation and review, to include suggested fall-back drafting positions and escalation points for recourse to a legal team as appropriate. As it is intended to be used by non-legal professionals, it does not include links to further detailed legal commentary in each case. For a Checklist intended for use by legal professionals with links to further information, see: Commercial contract drafting and review—checklist. In-house lawyers should check that business personnel engaged in negotiating and concluding commercial contracts...

Invoice discounting and factoring

The popularity of financing business through invoice discounting and factoring of receivables has grown significantly in the UK over the last 25 years.Invoice discounting and factoring are types of receivables financing whereby a company, sole trader or partnership, known as the client, sells (ie assigns) its book debts (or receivables) together with all related rights, to an invoice discounter or factor (each a receivables purchaser) at a discounted rate. The advantage to the client is that it enjoys a more predictable and liquid cash-flow cycle.This Practice Note:•explains the basic difference between invoice discounting and factoring•illustrates the invoice discounting and factoring process•highlights the challenges that can arise in relation to the purchase of a receivable, and•provides a brief overview of the UK-based trade association for asset based financing (including receivables finance)Distinguishing between invoice discounting and factoringBoth invoice discounting and factoring facilities involve the purchase of receivables from a client by the receivables purchaser at a discounted rate.The principal difference between the products is whether the sales ledger administration and collection functions...

Modern slavery—key performance indicators

Modern slavery—key performance indicators Section 54(5) of the Modern Slavery Act (MSA 2015) identifies six categories of information that may be included in an organisation’s slavery and human trafficking statement. One of these categories is information on the organisation’s effectiveness in ensuring slavery and human trafficking is not taking place in its business or supply chains, measured against such performance indicators as it considers appropriate. UK Home Office guidance on the transparency in supply chains provisions in MSA 2015, s 54 (Home Office guidance) goes further and states that organisations can report on key performance indicators (KPIs) in two broad ways by providing information on: • existing KPIs and whether they make their business or supply chains more vulnerable to modern slavery, eg by incentivising poor behaviours, and • KPIs introduced to measure progress and performance of anti-slavery measures undertaken Existing KPIs that may incentivise poor labour conditions include: • requiring unrealistically quick turnaround from suppliers • last-minute orders that stretch supplier capacity • unreasonable pressure on pricing KPIs that...

Discover our 900 Practice Notes on Recourse

Franchise business sale agreement

Franchise business sale agreement This Agreement is made on [insert date] Parties 1 [insert name] [of OR incorporated in [insert jurisdiction, eg England and Wales] under number [insert company number] whose registered office is at] [insert address] (the Seller); 2 [insert name] [of OR incorporated in [insert jurisdiction, eg England and Wales] under number [insert company number] whose registered office is at] [insert address] (the Buyer); and 3 [insert name] [of OR incorporated in [insert jurisdiction, eg England and Wales] under number [insert company number] whose registered office is at] [insert address] (the Franchisor), (each a party and together the parties). Background (A) The Franchisor has licensed the Seller to operate the Franchise Business. (B) The Seller has agreed to sell and the Buyer has agreed to purchase the Franchise Business as a going concern on the terms and conditions of this Agreement. The parties agree: 1 Definitions and interpretation 1.1 In this Agreement: Applicable Data Protection Law • means...

Specimen statement of issues for a first appointment—financial remedy application

Specimen statement of issues for a first appointment—financial remedy application In the Family Court sitting at [location] [Case No] Between 1 [insert name] Applicant And 2 [ insert name] Respondent Statement of issues for the First Appointment on [date] Issue Applicant’s position Respondent’s position 1. Clean break The applicant contends that there should be a joint lives maintenance order because [insert concise details] The respondent contends that a clean break will be possible because [insert concise details] 2 Identification of assets to be divided Should [ [[identify asset] inherited by the [applicant OR respondent OR ] OR [identify asset] owned by the applicant OR respondent] prior to the marriage]/ [as appropriate] ]/] be included in the assets to be divided or be ring-fenced? This is a needs case as a result of which ring-fencing is not possibleOr [identify asset] was recently inherited by the applicant from their parents. The property has not been intermingled with other assets. It should be...

Dive into our 104 Precedents related to Recourse

Does the enjoyment of income from a non-matrimonial asset not, in itself, mean that the asset becomes matrimonial in nature?

Does the enjoyment of income from a non-matrimonial asset not, in itself, mean that the asset becomes matrimonial in nature? The identification, and separate treatment, of non-matrimonial property has its genesis in White v White, but received its full exposition and rationalisation in Miller v Miller; McFarlane v McFarlane. In White Lord Nicholls said this (at 610): ‘[Pre-marital property] represents a contribution made to the welfare of the family by one of the parties to the marriage. The judge should take it into account. He should decide how important it is in the particular case. The nature and value of the property, and the time when and circumstances in which the property was acquired, are among the relevant matters to be considered. However, in the ordinary course, this factor can be expected to carry little weight, if any, in a case where the claimant’s financial needs cannot be met without recourse to this property.’ However, a non-matrimonial asset can take on a matrimonial character,...

Where a guarantor guarantees the obligations of the tenant under a lease for the term which expressly includes the contractual term and any period of holding over under the Landlord and Tenant Act 1954, on the renewal of the lease will the guarantor remain liable under the renewal lease or will the guarantor need to be a party to and execute the new lease in order to guarantee the obligations of the tenant under the renewal lease?

Where a guarantor guarantees the obligations of the tenant under a lease for the term which expressly includes the contractual term and any period of holding over under the Landlord and Tenant Act 1954, on the renewal of the lease will the guarantor remain liable under the renewal lease or will the guarantor need to be a party to and execute the new lease in order to guarantee the obligations of the tenant under the renewal lease? Where a commercial tenancy falls within the provisions of Part II of the Landlord and Tenant Act 1954 (LTA 1954) (LTA 1954, s 23) then, save for several specified exceptions, such tenancies will (unless there is an express exclusion course) continue on a statutory basis following the expiration of the lease. The tenant further has the right to seek a new tenancy. A landlord who wishes to obtain vacant possession of the premises is therefore obliged, absent agreement with the tenant, to serve a notice under LTA 1954 s 25 seeking the termination of...

See the 201 Q&As about Recourse

Arbitration weekly highlights—12 December 2024

This week's edition of Arbitration weekly highlights includes: a decision from the English Commercial Court concerning whether a clause constituted an arbitration agreement or not, coverage of arbitration-related decisions from Malaysia, Singapore and India and updates from UNCITRAL, LCIA, SIAC, HKIAC, JCAA, ICC, ITA, IEL. and BCLP publishing its 2024 International Arbitration Survey. All this, and more in our weekly highlights.

Immigration weekly highlights—12 December 2024

Welcome to the 12 December 2024 highlights from the Immigration team, which provides links to key news stories from the last week, as well as a round-up of new and updated content in Immigration.

Read the latest 1122 News articles on Recourse

Speed up all aspects of your legal work with tools that help you to work faster and smarter. Win cases, close deals and grow your business–all whilst saving time and reducing risk.

Case studies

"The way UU��ֱ�� dealt with us was receptive and not pushy. They took the time to get to know us and what we needed as a business."

Irwin Mitchell

Access all documents on Recourse

GET ACCESS NOW

Top

Trial

UU��ֱ��

GLOSSARY