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Glossary

 
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Glossaries

Term Definition
Indemnification
A promise to stand in the place of another and absorb liabilities
Independent Contractors
A person serving a business or individul on an independent basis, compensated on a 1099 basis.
Inherit
To receive by will or trust after the death of the original property owner.
Integration
A contract clause indicating that all prior agreements are superceded and overridden by current terms of the contract.
Intellectual Property
Property that consists of concepts or methods unique to a given person or company and worth protecting to maintain competitive advantage.
intestate succession
A probate process by which the property of a person who dies not having left a will is allocated.
irrevocable trust
A trust that, by its terms, is not revocable by any person, including its maker.