When Is an Arbitrator's Decision Called an "Award

question 59

Multiple Choice

When is an arbitrator's decision called an "award"?

• A) Always.
• B) Only if one party completely wins and there is no split decision.
• C) Never.
• D) Only if a money award is involved.
• E) Only if both parties had lawyers because that terminology makes it easier for the lawyers to be paid.

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Definitions:

Executory Costs

Costs related to the unperformed obligations under a lease, typically including insurance, maintenance, and taxes.

Minimum Lease Payments

The lowest amount that a lessee is obligated to pay over the lease term for the right to use an asset.

Rental Payments

Periodic payments made by a lessee to a lessor for the use of a property, vehicle, or equipment.

Capital Lease

A leasing arrangement that allows a lessee to record the leased asset as their own in their financial statements because it effectively transfers nearly all risks and rewards of ownership.