EX-WORKS Definition

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EX-WORKS see EX-FACTORY.

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CHIPS is Clearing House Interbank Payment System. A computerized payment system for clearing checks in New York.

PROVISION, generally, is to prepare in advance for an event that is projected to take place in the future. In accounting, it is an amount charged against profits for a specific liability (for example: bad debts, depreciation or taxes). A liability may be known, but the amount is often uncertain. This uncertainty may lead to an adjustment in a later income statement once the final amount of the liability is ascertained.

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