NEGOTIATION 
The face to face process used by local unions and the employer to exchange their views on those matters involving personnel policies and practices or other matters affecting the working conditions of employees in the unit and reduced to a written binding agreement. Used also by contracting officers to reach agreement with potential contractors. 

 

NEGOTIATION DISPUTE 
That point in negotiations where labor and management cannot come to an agreement on some or all of the issues on the bargaining table and the services of the FMCS have not been utilized.  

NEGOTIATED GRIEVANCE PROCEDURE 
The sole and exclusive procedure available to all employees in a bargaining unit and the employer for processing grievances and disputes. 

 

NET WORTH 
Property owned (assets), minus debts and obligations owed (liabilities), is the owner's equity (net worth). 

 

NOTES AND ACCOUNTS RECEIVABLE 
A secured or unsecured receivable evidenced by a note or open account arising from activities involving liquidation and disposal of loan collateral.  

OBLIGATIONS  
Technically defined as "amount of orders placed, contracts awarded, services received, and similar transactions during a given period which will require payments during the same or a future period." 

 

ORDINARY INTEREST 
Simple interest based on a year of 360 days, contrasting with exact interest having a base year of 365 days. 

 

OUTLAYS 
Net disbursements (cash payments in excess of cash receipts) for administrative expenses and for loans and related costs and expenses (e.g., gross disbursements for loans and expenses minus loan repayments, interest and fee income collected, and reimbursements received for services performed for other agencies).  

PARTNERSHIP 
A legal relationship existing between two or more persons contractually associated as joint principals in a business. 
PATENT 
A patent for an invention is the grant of a property right to the inventor, issued by the Patent and Trademark Office. The term of a new patent is 20 years from the date on which the application for the patent was filed in the United States or, in special cases, from the date an earlier related application was filed, subject to the payment of maintenance fees. US patent grants are effective only within the US, US territories, and US possessions.