An arbitrator is a neutral third party that oversees the alternative dispute resolution method of arbitration. While arbitration as a whole is governed by the Federal Arbitration Act, the requirements to become an arbitrator are determined exclusively by state law.
“Arm’s length” is an expression commonly used to refer to transactions in which two or more unrelated and unaffiliated parties agree to do business, acting independently and in their self-interest. In transactions “at arm’s length,” the parties involved should have equal bargaining power and symmetric information, leading the parties to agree upon fair market terms.
An artisan’s lien is a type of lien that gives workers a security interest in personal property until they have been paid for their work on that property. It works exactly the same as a mechanic's lien.
“As is” refers to a term used in sales contracts where the buyer agrees to buy a product in its current condition without legal recourse should the buyer discover a defect in the product after purchase. The buyer should be able to view and inspect the good before they purchase it, so they are generally aware of the item’s condition.
Assign is the act of transferring rights, property, or other benefits to another party (the assignee) from the party who holds such benefits under contract (the assignor).
Assignment for the benefit of the creditors (ABC) (also known as general assignment for the benefit of the creditors) is a voluntary alternative to formal bankruptcy proceedings that transfers all of the assets from a debtor to a trust for liquidating and distributing its assets.
Assumable mortgage is a term for mortgages that can be transferred to another person. If a mortgage is assumable, the selling owner transfers the title and mortgage to the buyer instead of the buyer getting a different mortgage. This process can save the buyer fees and lots of money on interest if the mortgage has lower interest than the market.
