EX-FACTORY Definition

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EX-FACTORY is where a sellers responsibility ends when the buyer at point of origin, i.e., factory, accepts merchandise. This can also be written as Ex-Warehouse, Ex-works, etc.

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PIERCING THE CORPORATE VEIL is a legal concept through which a corporations shareholders, who generally are shielded from liability for the corporations activities, can be held responsible for certain actions.

ACCOUNTS PAYABLE (AP) are trade accounts of businesses representing obligations to pay for goods and service received.

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