Business & Legal Glossary
40+ terms explained in plain English. Your go-to reference for business, legal, and financial terminology.
A
Accounts Payable
Money a company owes to its suppliers and creditors for goods or services received.
Accounts Receivable
Money owed to a company by its customers for goods or services delivered on credit.
Amortization
The process of spreading a loan or intangible asset cost over a set period.
API
Application Programming Interface — a set of protocols enabling software applications to communicate.
Arbitration
A form of alternative dispute resolution where an impartial third party makes a binding decision.
At-Will Employment
Employment that can be terminated by either party at any time without cause.
B
C
D
E
F
G
I
K
L
M
N
Net Worth
Total assets minus total liabilities, representing overall financial position.
Non-Compete Clause
A contractual term preventing a party from engaging in competing business activities.
Non-Solicitation
A clause preventing an employee from soliciting clients or colleagues after leaving.
P
R
S
SaaS
Software as a Service — cloud-based software delivered via subscription over the internet.
Scope of Work
A detailed description of project deliverables, timelines, and responsibilities.
Severability
A clause stating that if one provision is invalid, the remaining provisions still apply.
Severance Pay
Compensation provided to employees upon termination of employment.
SLA
Service Level Agreement defining expected performance standards and remedies for non-compliance.
SSL Certificate
A digital certificate enabling encrypted HTTPS connections for website security.
Stakeholder
Any person or group with an interest in or affected by a project or business decision.