INITIAL TERM Definition

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INITIAL TERM is normally the first time period covered under an agreement or contract (the Term) at the end of which the agreement will either terminate or be automatically renewed under set conditions (Renewal Term), e.g. a one year contract.

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AUDIT ADJUSTMENT is a correction of a financial information misstatement identified by the auditor, whether recorded or not.

INTELLECTUAL PROPERTY is intangible property that is the result of creativity, e.g. patents, trademarks or copyrights.

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