Facilitating Payment, Best Method Rule, Fraud, Ad Litem and Devices for Fluid - Meaning & Definition

🌞Today's Finance Jargon

'Facilitating Payment'

A financial payment that may constitute a bribe and that is made with the intention of expediting an administrative process. A facilitating payment is a payment made to a public or government official that acts as incentive for the official to complete some action or process expeditiously, to the benefit of the party making the payment.

In general, a facilitating payment is made to smooth the progress of a service to which the payer is legally entitled, without making such a payment. In some countries, these payments are considered normal, whereas in other countries, facilitating payments are prohibited by law and considered bribes. Also called facilitation payments.

🌞Today's Tax Jargon

'Best Method Rule'

Transfer pricing rule requiring that a taxpayer use the transfer pricing method that results in the most reliable measure of an arm's length price. This rule doesn't prescribe priorities between various methods.

🌞Today's Auditing Jargon

'Fraud'

A deliberate deception to secure unfair or unlawful gain. False representation intended to deceive relied on by another to that person's injury. Fraud includes fraudulent financial reporting undertaken to render financial statements misleading, sometimes called management fraud, and misappropriation of assets, sometimes called defalcations.

🌞Today's Law Jargon

'Ad Litem'

adj. legal Latin meaning "for the purposes of the legal action only." Most often the term applies to a parent who files a lawsuit for his or her minor child as "guardian at litem" (guardian just for the purposes of the lawsuit) or for a person who is incompetent. Either at the time the lawsuit is filed or shortly thereafter, the parent petitions the court to allow him/her to be guardian ad litem, which is brought ex parte (without a noticed hearing) and is almost always granted. A person acting ad litem has the responsibility to pursue the lawsuit and to account for the money recovered for damages. If a child in such a lawsuit reaches majority while the suit is pending, the ad litem guardianship terminates and the "new" adult can run his/her own lawsuit. Some courts require an order terminating the guardianship ad litem upon proof of coming of age.

🌞Today's Engineering Jargon

'Devices for fluid'

Venturimeter:
It measures discharge of fluid.
Notches :
It measures discharge of fluid.
Orifice meter:
It measures discharge of fluid.
Pitot tube :
It measures velocity of fluid.