7 terms starting with U
Underwriting is the process a lender or insurer uses to verify an application, assess the risk and decide whether to approve, decline, or approve with conditions and pricing.
Read definitionUnfair contract terms are clauses in a standard form contract that significantly favour one party, are not reasonably necessary to protect that party, and would cause detriment.
Read definitionAn unincorporated business is a business that has no separate legal personality, so its owners contract in their own names and are personally liable for its debts.
Read definitionAn unregulated agreement is a loan or other credit arrangement that sits outside the NCCP Act, usually because the credit is wholly or mainly for business purposes.
Read definitionAn unsecured loan is credit you borrow without pledging collateral, so the lender relies on your income, credit history and capacity to repay.
Read definitionAn upgrade is an agreed change that improves or replaces what a contract delivers, including a move into a newer asset under a lease or hire agreement.
Read definitionUseful life is the period an asset is expected to be available for use by a business, and the number of years over which its cost is depreciated.
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