Beneficiary - The person who is or will be the ultimate
recipient of a benefit, such as an insurance payout.
Bilateral contract - Also called "reciprocal" contracts,
these are contracts in which the parties involved give mutual promises,
such as abiding by certain sets of terms and conditions.
Bona fide - A legal term that refers to actions or persons
that are honest and in good faith.
Breach of contract - The failure to perform provisions of
a contract without a legal excuse.
Breakdown cover - A policy that provides recovery and repair
services for motorists. Traditionally, breakdown services were provided
by the RAC and the AA, but more recently insurance companies have
started to offer this sort of policy.
Broker - An agent who brings two parties together, enabling
them to enter into a contract to which he is not a principal. His
remuneration is usually calculated as a percentage of the sum involved
in the contract but may be fixed according to a tariff. Brokers
are used because they have specialized knowledge of certain markets
or to conceal the identity of a principal, in addition to introducing
buyers to sellers.
|
