SERVICE CONTRACT Definition

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SERVICE CONTRACT is a contract offered by a retailer for maintaining and repairing a product beyond its manufacturers warranty coverage.

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LOC see Letter of Credit.

CAPITALIZATION RATE, also known as CAP RATE, is the rate of return a property will produce on the owners investment. It is stated as a rate of interest or discount rate used to convert a series of future payments into a single present value. In real estate, the rate includes annual capital recovery in addition to interest.

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