Variation Definition

GLOSSARY

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

What does Variation mean?

A change in the works or services to be carried out. This is usually governed by a Change Protocol which sets out parameters for making changes.

Banking & Finance

A change in the works or services to be carried out. This is usually governed by a Change Protocol which sets out parameters for making changes.

View the related checklists about Variation

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...

Special resolutions and other resolutions requiring 75 per cent member approval under the Companies Act 2006—checklist

Special resolutions and other resolutions requiring 75 per cent member approval under the Companies Act 2006—checklist Special resolutions The Companies Act 2006 (CA 2006) sets out certain matters that must be passed by the members (or by a class of members) of a company as a special resolution (ie by a majority of not less than 75%) or by the holders of at least 75% of shares or of a class of shares. If a written resolution is to be passed as a special resolution, to be effectively passed as a special resolution, it must state that the resolution was proposed as a a special resolution. See Practice Notes: Member resolutions and Written resolutions for more details about shareholder resolutions and written resolutions. Note that: • anything done by ordinary resolution may also be done by special resolution, and • in addition to complying with the requirements of CA 2006, it may be necessary to comply with the requirements of any shareholders' agreement (or other governing document) as...

Guarantees—varying the underlying transaction: practical considerations

It is common for the parties to a facility agreement to want to amend its terms, often a number of times, during the life of the facilities. They may, for example, wish to extend the repayment date or increase amounts available to allow the borrower to fund another project or purchase. The lender may use an increase to the facilities to make other changes to the documentation such as an increase to the interest rate or additional undertakings. Such changes may be documented by an amendment letter, an amendment and restatement agreement or sometimes by the issuance of a new facility letter or agreement aimed at replacing the previous one. For information on how to amend a facility agreement, see Practice Note: Amending a facility agreement.Where the lender is to have the benefit of guarantees or third party security (which is effectively a guarantee backed by security and so this Practice Note applies to third-party security as well as guarantees), it will want to ensure that it continues to have...

Procedural guide—applications for a financial remedy: final hearing (standard procedure)

Procedural guide—applications for a financial remedy: final hearing (standard procedure) This Procedural Guide sets out steps for the standard procedure under the Family Procedure Rules 2010 (FPR 2010), SI 2010/2955, Pt 9, Ch 4 (SI 2010/2955, 9.12–9.17). For practical guidance on proceedings to which the fast-track procedure under FPR 2010, SI 2010/2955, Pt 9, Ch 5 (SI 2010/2955, 9.18–9.21A) applies, see Practice Note: Fast-track (shortened) financial remedy procedure. A ‘Statement on the efficient conduct of financial remedy hearings in the Financial Remedies Court below High Court judge level’ was issued in January 2022 by the Financial Remedies Court national lead judge, Mostyn J, and the deputy national lead judge, HHJ Hess, together with a Primary Principles document (replacing the previous Good Practice Guide) and templates for a composite case summary and schedule of assets and income. See Practice Notes: The Financial Remedies Court, Financial remedy proceedings allocated below High Court judge level and Evidential issues for the final hearing of an application for a financial remedy. For practical guidance on...

Discover our 1903 Practice Notes on Variation

Brexit definition

Brexit means: (a) the United K

Planning and development overage—permission for additional units obtained or implemented

The ScheduleOverage–ascertainment and payment 1 Definitions In this Schedule the following definitions apply: Additional Residential Unit any Residential Unit on the Property in excess of [insert threshold number of units] and Additional Residential Units shall have a corresponding meaning; Index HM Land Registry’s House Price Index under the ‘[House price index OR Average price OR Property type]’ report type for [insert location specifying region, county and borough as required]; Overage a sum in...

Dive into our 784 Precedents related to Variation

Where there is a dispute as to who the child will live with and an application for a child arrangements orders is pending can a decision by the Child Maintenance Service (CMS) be delayed? Will the resident parent’s income be relevant for the CMS calculation? Can expenses incurred for contact and expenditure on the child be deducted from the maintenance payments?

Where there is a dispute as to who the child will live with and an application for a child arrangements orders is pending can a decision by the Child Maintenance Service (CMS) be delayed? Will the resident parent’s income be relevant for the CMS calculation? Can expenses incurred for contact and expenditure on the child be deducted from the maintenance payments? Section 4 of the Child Support Act 1991 (CSA 1991) provides that an application for a maintenance calculation may be made to the Child Maintenance Service (CMS) by either: • the parent or person with care of the child, or • the non-resident parent Circumstances in which the CMS will not be able to undertake an assessment include, for example, where a maintenance order for the making or securing of periodical payments to or for the benefit of the child has been in force for less than the period of one year beginning with the date on which the order was made. Pending proceedings under the...

In a claim where liability was admitted and a client received a £3,000 interim payment, is there any obligation for that interim payment to be repaid to the defendant's insurers in circumstances where the client is not proceeding? The client has not responded and I am preparing to close their file on that basis.

In a claim where liability was admitted and a client received a £3,000 interim payment, is there any obligation for that interim payment to be repaid to the defendant's insurers in circumstances where the client is not proceeding? The client has not responded and I am preparing to close their file on that basis. An interim payment is a payment made by a defendant on account of a claimant's monetary claim before the court has made a final determination on the amount of that claim. For further guidance, see Practice Note: Interim payments—guiding principles. The Butterworths Personal Injury Litigation Service defines it as ‘a payment on account of any damages, debt or other sum (excluding costs) which that party may be held liable to pay’ . CPR 38.2(2)(b) provides that: 'where the claimant has received an interim payment in relation to a claim (whether voluntarily or pursuant to an order under Part 25), he may discontinue that claim only if— • the defendant who made the interim payment consents in...

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Environment weekly highlights—19 December 2024

This week's edition of Environment weekly highlights includes: the Environment team at UU��ֱ��® looking back at some of the key environmental law developments and cases in 2024, analysis on the UK government’s consultation plans to include emissions from the maritime sector in the UK Emissions Trading Scheme, the Energy Performance of Buildings regime with ambitious targets being set out in a new consultation building on the previous MEES consultations, planning reforms for energy infrastructure in the Clean Power 2030 Action Plan, the government’s publishing of a revised version of the National Planning Policy Framework (NPPF) and Spain’s failure in its latest attempt to enforce a €855m Spanish judgment against maritime insurers over a huge oil spill off its coast and proposals to accelerate development while ensuring better environmental outcomes.. It also covers the government's response to the Climate Change Committee (CCC)’s 2024 annual progress report, which was published in July 2024 and the Department for Energy Security and Net Zero (DESNZ)'s announcement to relaunch the Net Zero Council, with an...

Competition weekly highlights—19 December 2024

This week's edition of Competition weekly highlights includes, from a UK perspective: (1) the latest NSI Act 2021 developments, (2) the DCMS’ decision to extend its deadline for responses to its consultation on updating the media mergers regime, and (3) the CMA grants permission for collective action against Google over alleged market abuse. This week’s highlights also includes, from an EU perspective: (1) the General Court’s judgment dismissing further actions against Commission’s decision finding that a scheme designed to promote regional development in Maderia was unlawful State aid.

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