Goodwill is a long-term asset categorized as an intangible asset. Goodwill arises when a company acquires another entire business. The amount of goodwill is the cost to purchase the business minus the fair market value of the tangible assets, the intangible assets that can be identified, and the liabilities obtained in the purchase.
Related Terms. Person who binds himself or herself, or the entity he or she is authorized to represent, by his or her signature to the terms of an agreement. By becoming a signatory on the loan, he was responsible to pay the bank $500 every month by the 31st or he would be taken to court over his failure to pay.
The Joint Contracts Tribunal, also known as the JCT, produces standard forms of contract for construction, guidance notes and other standard documentation for use in the construction industry.From its establishment in 1931, JCT has expanded the number of contributing organisations.raditional JCT contracts were seen as too detailed and difficult to use in smaller domestic projects so JCT launched a consumer friendly range of contracts called the Building Contract for the Home Owner.