GROSS NEGLIGENCE Definition

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GROSS NEGLIGENCE is any action or an omission in reckless disregard of the consequences to the safety or property of another. Sometimes referred to as "very great negligence" and it is more then just neglect of ordinary care towards others or just inadvertence. Also known as the Latin term culpa lata.

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ITC is International Trade Commission, Investment Tax Credit, Input Tax Credit (Canadian GST refund for businesses), etc.

BASE PERIOD is a specified time period under which data is gathered, analyzed and used as a benchmark against which comparative financial or economic data from other periods is measured.

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