Costs Definition

GLOSSARY

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What does Costs mean?

Money ordered to be paid by one party to another in respect of the costs incurred in the course of litigation, in bringing or defending a claim.

General provisions about costs are found in CPR Rules 44 to 48.

Dispute Resolution

Money ordered to be paid by one party to another in respect of the costs incurred in the course of litigation, in bringing or defending a claim.

General provisions about costs are found in CPR Rules 44 to 48.

View the related checklists about Costs

Checklist for compromises of FCA-regulated entities: information requirements

Checklist for compromises of FCA-regulated entities: information requirements The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the United Kingdom. It has a duty under section 1B of the Financial Services and Markets Act 2000 (FSMA 2000) to pursue certain objectives, one of which is the consumer protection objective. The FCA lists its statutory objectives as to secure an appropriate degree of protection for consumers and to protect and enhance the integrity of UK financial markets, with a view to reducing the number of proposed compromises that they do not consider to be appropriate (see FG22/4, para 1.2). On 5 July 2022, the FCA published guidance on compromises of regulated firms (see FCA Guidance FG22/4 July 2022 and updated in January 2024) following their significant concerns about these tools being proposed and used by firms to avoid paying customers redress (see: LNB News 05/07/2022 72). Practitioners will need to take note of the guidance where the proposed compromise involves regulated companies, meaning...

MVNO agreement—checklist

MVNO agreement—checklist This Checklist covers some of the main provisions to be included in a mobile virtual network operator (MVNO) agreement under which a mobile network operator supplier will provide wholesale access services to an MVNO for resale to its own retail customers. It covers some of the main provisions that are specific to an agreement of this kind. See also the Precedent: MVNO agreement. In this Checklist, the following definitions are used: • Agreement—means the MVNO agreement between the MVNO and the Supplier for the provision of the Services • End-User—means a customer of the MVNO • IPR—means intellectual property rights • MVNO—means mobile virtual network operator, the customer in the Agreement • Services—means the wholesale network services being provided to the MVNO by the Supplier • Supplier—means the mobile network operator providing network services to the MVNO The third column can be used to record observations or comments as the Checklist is worked through. Checklist Further information Notes (if any) General terms and conditions ☐ Consider duration....

Entitlement to legal costs of an adjudication

Produced in association with 4 Pump CourtThis Practice Note looks at the ability of an adjudicator to make provision for one party to bear the legal costs (in whole or in part) of the other party, referred to below as ‘party costs’. It also considers the ability of a party to recover its party costs under the Late Payment of Commercial Debts (Interest) Act 1998 (LPCD(I)A 1998) or as a claim for damages.In relation to an adjudicator’s fees and expenses, see Practice Note: An adjudicator's fees and expenses.In general, the Housing Grants, Construction and Regeneration Act 1996 (HGCRA 1996) (as amended by the Local Democracy, Economic Development and Construction Act 2009 (LDEDCA 2009)) seeks to prevent parties agreeing contractual terms which place all the costs risk on one party.HGCRA 1996, s 108A renders ineffective any agreement by the parties as to liability for party costs subject to a very narrow exception—parties can agree terms which concern the allocation of costs if the agreement is:•in writing, and•reached after the notice of...

Costs insurance

This Practice Note looks at costs insurance (sometimes known as legal expense insurance (LEI)), which is the means by which an insured person is protected against the risks of an adverse costs award in litigation. The two main types being before the event insurance (BTE insurance) and after the event insurance (ATE insurance). This Practice Note should be read in association with Practice Note: Recovery of costs insurance premiums.Insurance is a complex area and one subject to regulatory requirements. It is however important to understand these requirements as a failure to comply would allow the court to find that the policy is unenforceable and this in turn will limit costs recovery. See further: Insurance contracts—overview and Regulated activities—overview.LEI policies are regulated by the Insurance Companies (Legal Expenses Insurance) Regulations 1990, SI 1990/1159. LEI insurance will require the payment of a premium for the insurance cover and the cover will be subject to an excess, ie the first £X will not be covered by the insurance and will be payable by...

Discover our 7276 Practice Notes on Costs

Warranty limitations—pro-seller—share purchase agreement

Insert the following definitions as new definitions into clause 1 of Precedent: Share purchase agreement—pro-buyer—corporate seller—conditional—long form: 1 Definitions and interpretation Claim means a claim by the Buyer for any breach of the provisions of this Agreement (including a claim for breach of the Warranties); Data Room means the data room relating to the [Company OR Group] comprising all contracts, agreements, licences, documents and other information made available to the Buyer and its advisers, as listed in the Data Room index attached to the Disclosure Letter; The ScheduleLimitations on the Warranties ...

Property indemnity for a share purchase agreement

Property indemnity clause for insertion into a share purchase agreement Indemnity clause

Dive into our 1658 Precedents related to Costs

Where a settlement agreement provides for the employer to make a contribution to the employee’s legal costs, payable direct to the employee’s law firm, can the law firm bring proceedings against the employer if it fails to pay?

Where a settlement agreement provides for the employer to make a contribution to the employee’s legal costs, payable direct to the employee’s law firm, can the law firm bring proceedings against the employer if it fails to pay? For information on: • the legal requirements that must be met for a settlement agreement to be binding and valid to settle statutory employment claims, see Practice Note: Settlement agreements in employment—legal requirements • the practical issues that typically arise in relation to a settlement agreement, see Practice Note: Settlement agreements in employment—practical and tax issues Contribution to legal costs A settlement agreement will typically provide for the employer to make a contribution to the employee’s legal costs. For general information on payment of legal fees incurred by an employee in relation to a settlement agreement generally, see the section of Practice Note: Settlement agreements in employment—practical and tax issues entitled ‘Payment for legal advice’. For a sample clause in the settlement agreement dealing with payment of legal fees, see Clause 13.2...

What is the position of a security holder if the company that created the security is dissolved?

What is the position of a security holder if the company that created the security is dissolved? This Q&A focuses on the impact the dissolution of a security provider can have on the ability of a security holder to effectively enforce its security. It also considers the position of a receiver appointed by the security holder prior to the dissolution of the relevant company. Summary If a security provider is dissolved as a matter of English law it is normally still possible for the security holder to enforce the security it holds by exercising the mortgagee’s power of sale. There may be circumstances in any particular case that make an application to restore the dissolved company to the register desirable to protect the security holder’s position. Circumstances where this issue commonly arises The problems associated with a security provider being dissolved while security is in force occur most often in real estate finance and other asset finance transactions. Typically, these issues arise where a special purpose...

See the 2118 Q&As about Costs

ICO and DSIT launch tool to assess Privacy Enhancing Technologies

The Information Commissioner's Office (ICO) and the Department for Science, Innovation and Technology (DSIT) have jointly published a Privacy Enhancing Technologies (PETs) Cost-Benefit Awareness Tool. This resource is designed to help organisations evaluate the costs and benefits of adopting emerging PETs, such as homomorphic encryption and secure multi-party computation. Accompanied by a checklist, the tool aims to support responsible data use and innovation while safeguarding privacy. The initiative addresses the low uptake of PETs due to challenges in assessing their value, and includes guidance on compliance costs and benefits. A repository of real-world PETs use cases has also been released to illustrate practical applications across various sectors.

COP29 round-up—14 November 2024 (Finance, Investment and Trade)

On 14 November 2024, the fourth day of the 29th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP29) focused on finance, investment, and trade. The Sixth High-Level Ministerial Dialogue on Climate Finance highlighted the significant divergence of views regarding the new finance goal to be defined in Baku. Discussions on ‘action for climate empowerment’, focusing on societal engagement in climate action, made progress. In addition, the International Organization of Securities Commissions (IOSCO) released its final report on promoting financial integrity and orderly functioning of Voluntary Carbon Markets (VCMs), the Independent High-Level Expert Group (IHLEG) on Climate Finance published its third report, the UN Forum for Insurance Transition (FIT) launched the first global guide on transition plans for insurers, the Industrial Transition Accelerator (ITA) issued an open letter urging governments to stimulate demand for green products, and the Taskforce on Net Zero Policy published a report assessing the progress of global corporate and financial net zero policies.

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GLOSSARY