DISPATCH Definition

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DISPATCH, in shipping, is the amount paid by a vessels operator to a charterer if loading or unloading is completed in less time than stipulated in the charter party.

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PARTNERSHIP is an unincorporated business that has more than one owner. It is different from a sole proprietorship in that a sole proprietorship can have only one owner.

ALLOWANCE METHOD is the accepted way to account for bad debt. Bad debt expense may be based on the percent of credit sales for the period, an aging of the accounts receivable balance at the end of the period, or some other method, e.g., percent of accounts receivable.

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