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Discuss the performance appraisal process and include a description of two specific performance appraisal techniques.
Perfection
In the context of secured transactions, perfection is the legal process by which a secured creditor establishes its priority interest in the debtor's collateral over other claimants.
Legal Steps
Sequential actions or procedures that are taken in accordance with law to achieve a legal outcome, such as filing a lawsuit or executing a contract.
Collateral
Assets or property offered as security for the repayment of a loan, subject to seizure on default.
Proceeds
The amount of money received from a sale or transaction, often after deducting costs or expenses.
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