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Accountant
Qualified person who is trained in bookkeeping and in preparation, auditing and analysis of accounts. Accountants prepare annual reports and financial statements for planning and decision making, and advise on tax laws and investment opportunities. See also accounting.

Administrator
Definition 1 Individual appointed by a court to wind up (by distributing to all claimants) the estate of a deceased person in cases where (1) there is no will, (2) no executor is named in the will, or (3) the named executor is unable or unwilling to act. Definition 2 Individual appointed by a court to manage or wind up the affairs of an insolvent firm. The feminine form is administratrix. See also administration order.

Affiliate
Definition 1 Commerce: Two parties are affiliates if either party has the power to control the other, or a third party controls or has the power to control the both. Affiliation also exists in (1) in interlocking directorates or ownership, (2) in identity of interests among members of a family and, (3) where employees, equipment, and/or facilities, are shared. Affiliates are subject to greater than normal legal prohibitions and requirements to guard against insider trading. See also subsidiary. Definition 2 Electronic commerce: Firm which sells other merchants' products at its own website. Visitors to the firm's website may order merchandise from there, but the sale is transacted actually at the principal's site who passes on a commission to the website from where the order originated.

Agreement
Meeting of minds (or an evidence of mutual accord or understanding) between two or more legally competent parties, about their relative duties and rights regarding current or future performance. Although a binding contract can (and often does) result from an agreement, an agreement typically documents the give-and-take of a negotiated settlement and a contract specifies the minimum acceptable standard of performance.

Arbitration
Settlement of a dispute (whether of fact, law, or procedure) between parties to a contract by a neutral third party (the Arbitrator) without resorting to court action. Arbitration is usually voluntary but sometimes it is required by law. If both sides agree to be bound by the arbitrator's decision (the 'award') it becomes a binding arbitration. The exact procedure to be followed (if not included in the contract under dispute) is governed usually by a country's arbitration laws, or by the arbitration rules prescribed by the International Chamber Of Commerce (ICC).

Arbitrator
Neutral third party to whom disputes between parties to a contract are submitted for a decision ('award') based only on his or her discretion. An ad hoc arbitrator is one who decides a specific case, whereas a permanent arbitrator is selected to hear all disputes arising out of a certain contract or during a certain period.

Assessment
Procedure used by government assessors to determine the value of a property, or the income of a person or entity, in order to charge taxes or to levy on the orders of a court.

Assignment
Transfer of ownership of a property, or of benefits, interests, liabilities, rights under a contract (such as an insurance policy), by one party (the assignor) to another (the assignee) by signing a document called deed of assignment. Compare with novation. See also absolute assignment and collateral assignment.

Association
Definition 1 Gathering of people for a common cause or purpose. Definition 2 Relationship between two data items where one is dependent on, or causes, the other.

Award
Definition 1 Acceptance of a bid or proposal for a contract. Definition 2 Written decision of a court or arbitrator.

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