OPTION Definition

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OPTION is the formal reservation of the right to buy or sell property / assets at a certain price and / or within a given time in the future, e.g. a contract allowing, but not requiring, the holder to buy (call) or sell (put) a specific security at a specified price during a specified time period or on a specified date. Options may trade on exchanges or over­the-counter.

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DEMAND DRAFT, also known as sight draft, is a draft payable on demand from the date of issue, e.g. a payroll check.

CIP could be Capital Improvement Plan, Capital Improvement Program, Capital Investment Program, or Capital Investment Proposal(s).

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