Legal Terms

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Ab ignition: A contract terminated ab initio returns the parties to the pre-contractual position.

Accord and Satisfaction: The accord is the agreement to discharge a contract. The satisdaction is the consideration needed.

Annual General Meeting (AGM): Every company is required to hold an AGM every calendar year, subject to a maximum period of 15 months.

Association of Undertakings: These are usually trade associations sharing the same interests.