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While the Time in Each Stage May Vary, All Products

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While the time in each stage may vary, all products progress through each stage of the product life cycle.


Definitions:

Transfer

Transfer refers to the act of moving ownership, rights, or interest in an asset from one party to another.

Void

Having no legal force or effect; null and unenforceable.

Chapter 7

A bankruptcy process outlined in the United States Bankruptcy Code whereby a debtor's assets are liquidated to pay off creditors.

Bankruptcy

A judicial procedure allowing individuals or companies that cannot pay off their debts to obtain relief from part or all of their financial obligations.

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