NCIB – What Is a Normal Course Issuer Bid? NCIB – Normal Course Issuer Scheme is a stock buyback program in Canada where a publicly-traded firm repurchases its shares to cancel them. The term NCIB is an acronym for normal course issuer bid. Depending on how the transaction is carried […]
Legal Terms
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What Is an Intentionally Defective Grantor Trust (IDGT)? An intentionally defective grantor (IDGT) trust is an estate-planning strategy used to freeze an individual’s assets for estate tax purposes but not for income tax purposes. The intentionally defective grantor trust is set up as a standard grantor trust, but with a […]
What Is a Unilateral Contract? A unilateral contract is a one-sided offer where the offer creates an obligation only if it is fulfilled by the performance of a specified act. The offeror commits to remit payment only following the occurrence of that certain act. In general, unilateral contracts are most […]
What Is a Contingent Beneficiary? What is a contingent beneficiary? It is the person next in line to receive a beneficiary-named account if the primary beneficiary is unable or unwilling. A contingent beneficiary is a secondary beneficiary who is essentially waiting in the wings, just in case. In other words, […]
What is a Certificate of Incumbency? A certificate of incumbency is an official corporate document that identifies the firm’s current directors, officers, and key executives. An incumbency certificate of incumbency is issued by a corporation or limited liability company. It includes the names of the firm’s current directors, executives, and, […]
What Is a Modified Gross Lease? A modified gross lease is a rental agreement where the landlord and tenant share the responsibility of paying a property’s operating expenses. In general, the tenant pays base rent but also bears a proportional amount of the property’s other expenditures. For example, property taxes, […]