commercial transactions


A person who cosigns a check, draft or other negotiable instrument with another person or persons.  Each comaker has a legal obligation to pay the entire amount due on the instrument, should one of the parties default. 


arm's length


Of or relating to transactions between two parties who are independent and do not have a close relationship with each other. Presumably, these parties have equal bargaining power and are not subject to undue pressure or influence from the other party. Transactions of this nature do not give rise fiduciary duties between the parties.


Most favored nation


A clause frequently included in bilateral investment treaties ("BITs") which provides that a host state shall treat all of its trading partners equally. Under such a clause, if the host state lowers a tariff for one trading partner, it must lower it for all trading partners.



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