Definition from Nolo’s Plain-English Law Dictionary
Provision in a lease or other agreement which provides for an increase (in rent, installment payments, alimony, or some other financial payment) when the cost of living index (or a similar gauge) goes up. Often there is a maximum amount or cap on the increase.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:15 pm