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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MISCELLANEOUS INCOME is that income realized that is not directly related to the sale of standard products and services.

PHYSICAL INVENTORY is the counting of all merchandise or equipment on hand.

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