Hi all, the answer to last week's quiz is c) accrue. Here is our definition taken from our new book "Drafting Commercial Contracts: Vocabulary Series" available from http://www.legalenglishbooks.co.uk/
To Accrue (verb): This means to incre...ase. It is usually used in relation to interest on debts or money in arrears. For example, BigCo Ltd borrows £40,000 from Small Bank Ltd at an interest rate of 3%. The contract states that BigCo Ltd must pay instalments of £3,000 a month. BigCo Ltd is having financial problems and cannot pay £3,000 every month and so are now in arrears. The contract states that interest will accrue on the amount of money in arrears at a rate of 5%. The amount of money that is in arrears is accruing interest at a higher rate because BigCo Ltd are late with their instalment payments to Small Bank Ltd. Associated Words: To Borrow (verb), Debt (noun), In Arrears (collocation), Interest (noun), Instalments (noun).
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http://www.amazon.com/Michael-Howard/e/B00GMS03VA/ref=sr_ntt_srch_lnk_8?qid=1409593443&sr=8-8
More legal and business English quizzes coming up :)
To Accrue (verb): This means to incre...ase. It is usually used in relation to interest on debts or money in arrears. For example, BigCo Ltd borrows £40,000 from Small Bank Ltd at an interest rate of 3%. The contract states that BigCo Ltd must pay instalments of £3,000 a month. BigCo Ltd is having financial problems and cannot pay £3,000 every month and so are now in arrears. The contract states that interest will accrue on the amount of money in arrears at a rate of 5%. The amount of money that is in arrears is accruing interest at a higher rate because BigCo Ltd are late with their instalment payments to Small Bank Ltd. Associated Words: To Borrow (verb), Debt (noun), In Arrears (collocation), Interest (noun), Instalments (noun).
For paperbacks and Kindle versions, please visit us at
http://www.amazon.com/Michael-Howard/e/B00GMS03VA/ref=sr_ntt_srch_lnk_8?qid=1409593443&sr=8-8
More legal and business English quizzes coming up :)
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