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During the first stage of the new-product development process, two important activities take place. They are
Personal Property
Movable assets or belongings, excluding real estate and buildings, owned by an individual or entity.
Third Parties
Individuals or entities that are not directly involved in a contract or negotiation but may be affected by its outcomes or have an interest in its terms.
Indispensable Paper
A critical document without which a particular process or task cannot be completed or understood.
Chattel Paper
A legal document that specifies an obligation involving movable personal property, often related to leases or loans.
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