Gross profit meaning

This Practice Note considers exclusion and limitation of liability in business-to-business (B2B) contracts. This Practice Note offers guidance on the common law and statutory controls that govern exclusion and limitation of liability clauses (also described as limitation of liability clauses, limitation clauses, exclusion of liability clauses, exclusion clauses and exemption clauses), including the Unfair Contract Terms Act 1977 (UCTA 1977) and the Misrepresentation Act 1967 (MA 1967). It identifies which provisions amount to exemption clauses and sets out three central matters to address when drafting them or assessing them in a dispute: incorporation construction statutory controls It also outlines the courts’ treatment of attempts to exclude or restrict liability for certain breaches (eg fundamental breach) and for different heads of loss (eg direct loss, indirect and consequential loss, loss of profits, loss of use and loss of data). It notes common techniques parties use to allocate or restrict risk (eg financial caps, time bars, excluding rights of set-off) and addresses...

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z This glossary provides helpful (re)insurance and underwriting definitions. For focused guidance on reinsurance terminology, see Practice Note: Reinsurance—essentials. A Accident An unforeseen or unintended event or incident that typically results in damage or injury (physical or financial) to the insured or a third party. Accidental damage Unintended or unexpected harm or damage caused to property or a person. Accidental death benefit Some life insurance policies pay an extra amount, over and above the original sum insured, if the insured dies because of an accident. Act of God (force majeure) An occurrence beyond anyone’s control, such as a natural disaster. Active underwriter The person with primary responsibility and authority to accept insurance and reinsurance risks on behalf of the members of a syndicate in the Lloyd’s market. See also Underwriter. Actuary A qualified professional who...

What is common land? The expression ‘common land’ generally refers to land over which rights of common exist: entitlements held by one or more commoners to take or use the land’s natural produce, exercised alongside one another and alongside the landowner. In many statutes, ‘common’ is framed more broadly, covering any land liable to be inclosed under the Inclosure Acts, as well as any town or village green. Halsbury’s Laws of England describes a right of common as a right held by one or more persons to take or use a portion of what another person’s soil naturally provides. Any part of that produce not lawfully taken by the commoners remains with the owner of the soil. The right is a profit à prendre, and must be distinguished from an easement which, although a right over another’s land, does not grant any share in that land’s produce. Members of the public do not possess common law rights to roam freely across commons or common land. Rights...

Current ratio Date of calculations: [ insert date of calculations ] Formula: Current assets ÷ Current liabilities Calculation: Result: Result from previous month/year: % movement: If the ratio slips under 1.0, the firm lacks sufficient current assets to meet its current liabilities as they become due. Compare this outcome to the previous current ratio result. If the current ratio is declining and nearing 1.0, calculate the other ratios to gain a clearer view of why the firm is running out of money...

Data Source of data Figure £ Current assets — As per the balance sheet — [ insert figure ] Current liabilities — As per the balance sheet — [ insert figure ] Work in progress (WIP) — Shown under Current assets on the balance sheet — [ insert figure ] Debtors — Listed within Current assets on the balance sheet — [ insert figure ] Creditors — Included within Current liabilities on the balance sheet — [ insert figure ] Turnover — Refer to the P&L statement — [ insert figure ] Operating costs (including fee earner/director salaries) — P&L statement — [ insert figure ] Costs of fee earner salaries — P&L statement — [ insert figure ] Gross profit — P&L statement — [ insert figure ] Net profit — P&L statement — [ insert figure ]...

Raw data capture sheet for financial calculations Current assets — Source: Balance sheet — £764,000 Current liabilities — Source: Balance sheet — £534,200 Work in progress (WIP) — Recorded within Current assets on the balance sheet — £187,700 Debtors — Listed within Current assets on the balance sheet — £508,100 Creditors — Shown within Current liabilities in the balance sheet — £260,800 Turnover — Source: P&L statement — £1,212,300 Operating expenses (including fee earner/director salaries) — Source: P&L statement — £714,800 Fee earner salary costs — Source: P&L statement — £471,100 Gross profit — Source: P&L statement — £841,200 Net profit — Source: P&L statement — £497,500 A blank copy of this Precedent is available—see: Raw data capture sheet for financial calculations (blank)...