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Liquid Asset Partners specializes in Liquidations, Auctions & Negotiated Sales. Since 1975, our management team works with Banks, Retailers, Bankruptcy Courts, Trustees, Manufacturers, and Lenders. We make cash purchases or run commission based disposition sales in Retail, Industrial, Wholesale, Motorsports & Equipment.
Liquidation- Is to pay off (a debt, a claim, or an obligation); settle.
b. To settle the affairs of (a business firm, for example) by determining the liabilities and applying the assets to their discharge.
c. To convert (assets) into cash.
d. To settle a debt, a claim, or an obligation.
e. To settle the affairs of a business or an estate by disposing of its assets and liabilities.
Asking Price- The lowest price for which any investor or dealer has declared that he/she will sell a given security or commodity. For over-the-counter stocks, the asking price is the best quoted price at which a Market Maker is willing to sell a stock. For mutual funds, the asking price is the net asset value plus any sales charges. also called asked price or offering price or ask.
Assets- Accounting the entries on a balance sheet showing all properties, both tangible and intangible, and claims against others that may be applied to cover the liabilities of a person or business. Assets can include cash, stock, inventories, property rights, and goodwill.
b. The entire property owned by a person, especially a bankrupt, which can be used to settle debts.
Asset Approach- Business valuation method based on the net assets value of a going concern.
Asset Availability- State of an asset in which it is available and ready to be put to its designed or intended use.
Asset Management- Prudent administration of investable (liquid) assets, aimed at achieving an optimum risk-reward ratio.
Asset Recovery- Selling off or disposing off obsolete, scrap, surplus, or waste goods or material in a manner that maximizes the return while minimizing the costs and liabilities.
Asset Turnover- Net sales divided by total assets. This is a measure of how well assets are being used to produce revenue.
Asset Value- The net market value of a company's assets divided by the number of outstanding shares of that company's stock. Investors often use the asset value of a company when determining if the company's shares are overvalued or undervalued. For example, if the asset value per share is higher than the market price for a share then the stock could be considered undervalued.
Bill of Lading (B/L)- Document issued by a carrier, or its agent, to the shipper as a contract of carriage of goods. It is also a receipt for cargo accepted for transportation, and must be presented for taking delivery at the destination. Among other items of information, a B/L contains (1) consignor's and consignee's name, (2) names of the ports of departure and destination, (3) name of the vessel, (4) dates of departure and arrival, (5) itemized list of goods being transported with number of packages and kind of packaging, (6) marks and numbers on the packages, (7) weight and/or volume of the cargo, (8) freight rate and amount. It serves as a proof of ownership (title) of the cargo, and may be issued either in a negotiable or non-negotiable form. In negotiable form, it is commonly used in letter of credit transactions, and may be bought, sold, or traded; or used as security for borrowing money. A B/L is required in all claims for compensation for any damage, delay, or loss; and for the resolution of disputes regarding ownership of the cargo.
Bill of Sale- Document (such as an invoice) by which ownership (title) of goods or property is transferred.
Buyer's Premium or (BP)- An advertised percentage of the high bid or flat fee added to the high bid to determine the total contract price to be paid by the buyer.
Cash-In-Hand- Cash in actual possession; also called cash-in-hand or cash-on-hand.
Certified Check- Check guaranteed by its issuing bank that (1) it carries genuine signature, and (2) it will be paid when presented for payment. The issuing bank takes out the check's amount from the check writer's (drawer's) account and holds it in reserve to ensure the check's payment. A certified check is a cash equivalent, and normally its payment cannot be prevented by a stop payment order.
Clearance Sale- Retail sale in which closeout goods are offered at heavily discounted prices.
Closeout- Disposing of discontinued, obsolete, or slow-moving stock, usually through a clearance sale.
Closeout Liquidator- Firm that buys all or most of a closeout stock of another firm and sells it other vendors.
Commission- The fee charged to the seller by the auctioneer for providing services, usually a percentage of the gross selling price of the property established by contract (the listing agreement) prior to the auction.
Conditions of Sale- the legal terms that govern the conduct of an auction; including: acceptable methods of payment, terms, buyer's premiums, possession, reserves and any other limiting factors of an auction. Usually included in published advertisements or announced by the auctioneer prior to the start of the auction.
Consolidation- Accounting: (1) Combining assets, equity, liabilities and operating accounts of a parent firm and its subsidiaries into one financial statement. See also consolidated financial statement. (2) Combining two or more firms through purchase, merger, or ownership transfer to form a new firm.
Consultant- Experienced professional who provides expert knowledge (often packaged under a catchy name) for a fee.
Discount- Deduction from the face amount of an invoice, made in advance of its payment. See also rebate.
Due Diligence- The process of gathering information about the condition and legal status of assets being sold.
Equity- Is the difference in value between a person's debts and the value of the property on which they are secured.
Fire Sale- Liquidation of a firm's assets at prices far below their fair market value (FMV) to achieve a quick sale, either to avoid a financial disaster or to satisfy the debts of an insolvent or bankrupt firm. Banks and other lenders usually value a firm assets at their fire sale value to judge their worth as collateral.
Fixed Asset- Land, buildings, equipment, machinery, vehicles, leasehold improvements, and other such items. Fixed assets are not consumed or sold during the normal course of a business but their owner uses them to carry on its operations. In accounting, 'fixed' does not necessarily mean 'immovable;' any asset expected to last, or be in use for, more than one year is considered a fixed asset.
Forced Liquidation- Auctioning of a debtor's assets by its creditors, upon obtaining court orders to the effect. Opposite of orderly sale.
Inactive Inventory- Stock of items not sold or used within a certain period.
Insurance Liquidator- Person or firm that buys damaged items from insurance companies for auction sale.
Intangible Asset- Reputation, name recognition, and intellectual property such as knowledge and know how. Intangible assets are the long-term resources of an entity, but have no physical existence.
Intellectual Property- is the product of the intellect that has commercial value, including copyrighted property such as literary or artistic works, and ideational property, such as patents, appellations of origin, business methods, and industrial processes.
Inventory- Itemized catalog or list of tangible goods or property, or the intangible attributes or qualities.
Inventory Value- Determination of the cost of unsold inventory at the end of an accounting period. Inventory is valued usually at cost or at the market value, whichever is lower.
Invoice- Non-negotiable commercial instrument issued by a seller to a buyer. Also called a bill of sale or contract of sale, it identifies the both trading parties and lists, describes, and quantifies the items sold, shows the date of shipment and mode of transport, prices and discounts (if any), and delivery and payment terms. In certain cases (especially when it is signed by the seller or seller's agent), it serves as a demand for payment and becomes a document of title when paid in full.
Knowledge Asset- Intellectual capital asset such as a copyright or patent that does or can generate income.
Letter of Guarantee- Document used mainly in the Far East (China, Japan, Korea, Singapore, Taiwan, among others) whereby an importer obligates itself to accept and pay a bill of exchange on its presentment at a certain bank. The objective of this letter is to secure that bank's acceptance of an exporter's draft, for payment through its correspondent bank (where the draft will be presented).
Liquidate- To convert into cash by sale.
Liquidated- Determined, and apportioned or settled, by agreement.
Liquidation value- Price an asset will fetch at an auction (forced sale). Banks and other lenders value the asset offered as a collateral at its forced sale price and not on the price the asset will command when sold in the normal course of trading.
Liquid Assets- assets in the form of cash (or easily convertible into cash).
Logistics- Planning, execution, and control of the procurement, movement, and stationing of personnel, material, and other resources to achieve the objectives of a campaign, plan, project, or strategy. It may be defined as the 'management of inventory in motion and at rest.'
Negotiable- Capable of being accomplished through bargaining.
Negotiated Procedure- Method of obtaining bids under which only chosen suppliers are invited to negotiate a contract. This procedure is used usually in special cases such as in situations of extreme-urgency or where other procedures fail to yield any result.
Negotiation- General: Bargaining (give and take) process between two or more parties (each with its own aims, needs, and viewpoints) seeking to discover a common ground and reach an agreement to settle a matter of mutual concern or resolve a conflict.
b. Banking: Accepting or trading a negotiable instrument.
c. Contracting: Use of any method to award a contract other than sealed bidding.
d. Trading: Process by which a negotiable instrument is transferred from one party (transferor) to another (transferee) by endorsement or delivery. The transferee takes the instrument in good faith, for value, and without notice of any defect in the title of the transferor, and obtains an indefeasible title.
Net Return- Is the Net income from an investment after deducting all expenses from the gross income generated by the investment. Depending on the analysis required, the deductions may or may not include income tax and/or capital gains tax.
Operating Asset- Asset acquired for or used in the income generating operations of the business (such as cash, inventory, prepaid expenses) and various fixed, long-term assets (such as plant and equipment).
Other Assets- Balance sheet classification that covers minor assets such as prepaid expenses and scrap value of obsolete equipment.
Project- Planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations.
Real Asset- Actual, tangible asset (such as valuable antique or art, buildings, coins, commodity, machinery and equipment, stamp collection) as opposed to financial assets (such as bonds, debentures, shares).
Refurbishing- Servicing and/or renovation of older or damaged equipment to bring it to a workable or better looking condition.
Salvage- Recovering or saving abandoned, condemned, damaged, deteriorated, discarded, incomplete, obsoleted, or worn property for recycling, refabrication, restoration, reuse, or scrapping.
b. Property that has value in excess of its value as a scrap, but is no longer useful for its intended or original purpose.
Salvage Property- Asset that is no longer useful for its intended or original purpose but has some value in addition to its scrap value because parts or sections of it may still be recovered and reused.
Scrap- Waste that either has no economic value or only the value of its basic material content recoverable through recycling.
Self Liquidating Asset- Asset that generates adequate income to return the total amount of its cost, such as a transporter's truck and a bank's mortgage loan portfolio.
Soft Asset- Tangible (such as human resources) or intangible (such a brand, knowledge, skills) asset that (unlike the hard assets such as cash, equipment, land) is not normally included in a firm's financial statements.
Surplus- Goods that are in excess of the requirement and cannot be returned to the vendor for credit, but are useful for some purpose.
Tangible Asset- Cash, equipment, machinery, plant, property anything that has long-term physical existence or is acquired for use in the operations of the business and not for sale to customers. In the balance sheet of the business, such assets are listed under the heading 'Plant and equipment' or 'Plant, property, and equipment.' Tangible assets, unlike intangible assets, can be destroyed by fire, hurricane, or other disasters or accidents. However, they can be used as collateral to raise loans, and can be more readily sold to raise cash in emergencies.
Terms and Conditions- Are the printed rules of the auction and certain aspects of the Purchase & Sale Agreement that are read and/or distributed to potential bidders prior to an auction sale.
Wholesale- Of, relating to, or engaged in the sale of goods in large quantities for resale: a wholesale produce market; wholesale goods; wholesale prices.
b. Made or accomplished extensively and indiscriminately; blanket: wholesale destruction, or in large bulk or quantity.
Auctions- Is a public sale in which property or items of merchandise are sold to the highest bidder.
Absentee Bid- Is a procedure which allows a bidder to participate in the bidding process without being physically present. Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or his representative. The particular rules and procedures of absentee bids are unique to each auction company.
Absentee Bidder- A person (or entity) who does not attend the sale but submits, in advance, a written or oral bid that is the top price he or she will pay for a given property.
Absolute Auction- all items in the auction will be sold to the highest bidder, regardless of the bid. There is no reserve or minimum on the item for bid.
All For One Money- multiple items are being offered for sale and what you bid is one price for all of the items. Bids for individual items are not accepted.
Apprentice Auctioneer- auctioneer who is in training, operating under the supervision of a licensed or experienced auctioneer.
"As Is"- Selling the property without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise known as "As Is, Where Is" and "In its Present Condition.”
Auction Block- The podium or raised platform where the auctioneer stands while conducting the auction. "Placing (an item) on the auction block" means to sell something at auction.
Auctioneer- The person whom the seller engages to direct, conduct, or be responsible for a sale by auction. This person may or may not actually call or cry the auction.
Auctioneer Subcontractor- An auctioneer hired by the principal auctioneer. Also known as a Contract Auctioneer.
Auction House- is firms that conducts auctions.
Auction Market- A system in which buyers enter competitive bids and sellers enter competitive offers simultaneously, as opposed to the over-the-counter market, where trades are negotiated. Examples are the NYSE and the AMEX. also called double auction market.
Auction With Reserve- An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time.
Auction Value- Is the price which a particular property brings in open competitive bidding at public auction.
Ballroom Auction- An auction of one or more properties conducted in a meeting room facility.
Bank Letter of Credit- Is a letter from a bank certifying that a named person is worthy of a given level of credit. Often requested from prospective bidders or buyers who are not paying with currency at auctions.
Bid- A prospective buyer's indication or offer of a price he or she will pay to purchase property at auction. Bids are usually in standardized increments established by the auctioneer.
Bid Acknowledgment- A form executed by the high bidder confirming and acknowledging the bidder's identify; the bid price and the description of the property; Also known as Memorandum.
Bid Caller- The person who actually "calls," "cries or "auctions" the property at an auction, recognizing bidders and acknowledging the highest bidder. Commonly known as
Bid Evaluation- After the submission deadline, the process of opening, examining, and evaluating bids to determine the bidders' responsibility, responsiveness, and other factors associated with selection of a bid for contract award.
Bidder Number- The number issued to each person who registers at an auction.
Bid Rigging- The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value.
Bid Spotter, Groundsmen, or Ringsmen- Individuals of a live auction team whose primary responsibility is to accurately interpret and effectively communicate buyer participation to their auctioneer. They should also be qualified to assist prospective bidders with the necessary information to make a better informed buying decision.
Bidder's Choice (Buyers Choice)- Is the method of sale whereby the successful high bidder wins the right to choose a property or properties from a grouping of similar or like-kind properties. After the high bidder's selection, the property is deleted from the group, and the second round of bidding commences, with the high bidder in round two choosing a property, which is then deleted from the group and so on, until all properties are sold.
Bookkeeper or Clerk- Is the person who is responsible for the accounting and paperwork at an auction sale.
b. The person employed by the principal auctioneer or auction firm to record what is sold and to whom and for what price.
Business-to-Business Auction- Auction where items businesses would buy (such as excess or old inventory or unwanted capital equipment) are offered for bidding.
Business-to-Consumer Auction- Type of auction in which several sellers offer their items for bidding, and compete for the price which a buyer will accept. The buyer usually has the option to accept any bid or reject all.
Bid-based construction or supply contracts are examples of reverse auction.
Caravan Auctions- A series of on site auctions advertised through a common promotional campaign.
Caveat Emptor- Is a Latin term meaning "let the buyer beware." A legal maxim stating that the buyer takes the risk regarding quality or condition of the property purchased, unless protected by warranty.
Certified Auctioneers Institute (CAI)- The professional designation awarded to practicing auctioneers who meet the experiential, educational and ethical standards set by the Auction Marketing Institute, Inc.
Forward Auction- Auction in which one seller offers item(s) for bidding and several buyers compete to offer the price the seller will accept. The seller usually has the option to accept any bid or reject all. Types of forward auction are (1) English auction: Bidding starts at the minimum price acceptable to the seller and increases with every new bid by a fixed increment. Every bidder knows what price is being bid and the highest price bid acceptable to the seller wins. (2) Dutch auction: Bidding starts at a price so high no buyer will accept, and which is lowered until the best acceptable price is reached. Used typically for perishable items like flowers and vegetables. (3) Japanese auction: Bidding starts at a low price which goes up in regular increments. Every buyer present must bid at every stage during the auction. (4) Yankee auction: Multiple units of an item are put up for bidding and each bidder can specify the number or quantity he or she wants to bid for.
Hammer Price Price- established by the last bidder and acknowledged by the auctioneer before dropping the hammer or gavel.
Lot- Defined quantity of a thing used as a unit of inventory, output, sale, sampling, or transportation. Items in a lot are of a single class, composition, model, size, type, or version, are produced under essentially the same conditions, and are intended to have uniform quality and characteristics within specified limits. A lot is ordered, sold, released, or delivered in its entirety. An exact lot is called a round lot, any quantity more or less than a lot is called an odd lot.
Memorandum- Sometimes also referred to as a "Bidder Acknowledgment," or "Broker Acknowledgment," the memorandum is signed by those parties either on the auction floor or in the contract room.
Minimum Bid Auction- An auction in which the auctioneer will accept bids at or above a disclosed price. The minimum price is always stated in the brochure and advertisements and is announced at the auctions.
National Auctioneers Association (NAA)- An association of individual auctioneers united to promote the mutual interests of its members; formulate and maintain ethical standards for the auction profession; promote the enactment of just and reasonable laws, ordinances and regulations affecting auction selling; make the public more aware of the advantages of auction selling; and generally improve the business conditions affecting the auction profession.
Opening Bid- The first bid offered by a bidder at an auction.
On-site Auction- An auction conducted on the premises of the property being sold.
Preview- Specified date and time property is available for prospective buyer viewing and audits.
Reserve Price- Is the minimum price that a seller is willing to accept for a property to be sold at auction.
Reverse Auction- Type of auction in which several sellers offer their items for bidding, and compete for the price which a buyer will accept. The buyer usually has the option to accept any bid or reject all. Bid-based construction or supply contracts are examples of reverse auction.
Sealed Bid- A method of sale utilized where confidential bids are submitted to be opened at a predetermined place and time. Not a true auction in that it does not allow for reaction from the competitive market place.
Sold- when the auctioneer says the word "sold" or the gavel falls after the bidding has ceased, the item is sold as the auctioneer directs to the clerk. The bidding cannot e reopened after the word "sold" is said.
Withdrawal- Is the failure to reach the reserve price or insufficient bidding.
Appraisal – is an unbiased and independent opinion of value.
Appraisal Cost- In quality control, cost incurred in inspection and test activities aimed at ensuring consistent quality and conformance to established benchmarks.
Appraisal Date- Day as of which an appraiser's estimate of value applies. Also called valuation date.
Appraisal fee- Charges payable to a qualified appraiser for estimating the market value of a property, as a fixed fee or one based on a percentage of the estimated value.
Appraisal Procedure- Sequence of steps prescribed in an appraisal approach to arrive at an estimate of value. Also called valuation procedure.
Appraisal Report- Written estimate (not determination) of the value of a property, based on the findings of an appraiser.
Appraisal Right- In an acquisition or merger, the right of a dissenting stock holder to require the purchase of his or her shares at their fair market value as determined by an independent party. This provision prevents the firm's sale at less than its true worth.
Appraisal Value- Appraiser's opinion (not determination) of the current worth of a property based on factors such as area, location, improvements, and amenities. Generally, this value is arrived at by using one of three methods: (1) Cost approach, (2) Income approach, or (3) Market comparison approach.
Appraisement- Determination of the amount or extent of the liability of a party (who is not disputing the fact of being liable) by an independent and impartial third party, and not by the courts.
Appraiser- Is a person qualified by education, training, and experience to provide appraisals. also called evaluator.
Appreciated Asset- That has a higher market value than its book value or taxable value and which, upon its sale, will generate a capital gain.
Approaches to Value - the three recognized approaches used in appraisal analysis.
Assessed Value- The dollar value of an asset assigned by a public tax assessor for the purposes of taxation.
Asset Valuation- Determination of the value of capital assets or fixed assets, they value
at which they should be shown in their owner's balance sheet.
Business Inventories- Monthly economic report that shows the dollar amount in inventory held by retailers, manufacturers, and wholesalers during a given period of time.
Business Valuation- The process of examining various economic factors of a business using predetermined formulas to assess the value of the business or an owner’s interest in a company. Business valuation may be conducted to provide an accurate snapshot of the company’s financial standing to present to current or potential investors.
Book Value- A company's common stock equity as it appears on a balance sheet, equal to total assets minus liabilities, preferred stock, and intangible assets such as goodwill. This is how much the company would have left over in assets if it went out of business immediately. Since companies are usually expected to grow and generate more profits in the future, market capitalization is higher than book value for most companies. Since book value is a more accurate measure of valuation for companies which aren't growing quickly, book value is of more interest to value investors than growth investors.
b. The value of an asset as it appears on a balance sheet, equal to cost minus accumulated depreciation.
Assessment- Procedure used by government assessors to determine the value of a property, or the income of a person or entity, in order to charge taxes or to levy on the orders of a court.
Asset Depreciation Range System (ADR)- A system utilized by the Internal Revenue Service to determine the economic life of specific classes of depreciable assets.
Concepts of Value - appraisal assignments often require more than one value. The appraiser, before beginning the process will investigate the assignment thoroughly in order to arrive at the concept that best suits the situation and purpose of the appraisal assignment. Some of the most common values are as follows: Fair Market Value, Forced Liquidation Value, and Residual Value.
Cost Approach - Calculation of value beginning with a determination of the replacement cost of a new asset of the same or similar utility, followed by deductions for all forms of depreciation to the subject asset including; physical (age, condition), technological obsolescence and economic obsolescence
Disposition- Manner in which a case or matter is determined or settled, or a property is transferred to another's care or possession such as by a sale deed or will.
b. Manner in which an item or material is disposed of such as by disposal, relinquishment, sale, or transfer.
Face Value- Apparent worth or the nominal value shown on the principal ('face' or 'head') side of a bill of exchange, currency, security (stock/share, bond), or other type of financial instrument. The par value of a loan stock (bond, preferred stock/preference share) is the value at which it will be redeemed.
Fair Market Value - the estimated amount, expressed in terms of money, which may reasonably be expected for a property in an exchange between willing buyer and a willing seller, with equity to both, neither under any compulsion to buy or sell, and both fully aware of all relevant facts, as of a specific date.
Forced Liquidation Value - the estimated gross amount, expressed in terms of money, that could typically be realized from a properly advertised and conducted public auction, with the seller being compelled to sell with a sense of immediacy on an as-is, where-is basis, as of a specific date.
Gross Book Value- Original (historical) price paid for an asset, without any depreciation deduction.
Imputed Value- Computed or estimated value where actual value is not known.
Income Approach- capitalization of current net income or projected net cash flow and discounts those at a calculated rate to estimate current value. This is the least employed approach to value in single asset appraisals of equipment.
Insurance Cost New - is the replacement or reproduction cost new as defined in the insurance policy less the cost new of the items specifically excluded in the policy, as of a specific date.
Insurable Value Depreciated - is the insurance replacement or reproduction cost new less accrued depreciation considered for insurance purposes, as defined in the insurance policy or other agreements, as of a specific date.
Market Value- General: Highest estimated price that a buyer would pay and a seller would accept for an item in an open and competitive market.
Market-Based Price- Is arrived at by the process of bargaining among many buyer and many sellers in a competitive market.
Orderly Liquidation Value - the estimated gross amount, expressed in terms of money, which could typically be realized from a liquidation sale, given a reasonable period of time to find a purchaser(s) with the seller being compelled to sell on an as-is/where-is basis, as of a specific date.
Record Appraisal- Determination of the retentive values and disposal time of records based on their administrative, audit, fiscal, historical, legal, operational, or research value to the organizations where they were created and/or received.
Retail Price Index (RPI)- Official measure of the general level of inflation as reflected in the retail price of a basket of goods and services such as energy, food, gasoline (petrol), housing, household goods, traveling fare, etc. RPI is commonly computed on monthly basis, but an annual rate is also published which serves as a yardstick for adjusting inflation-indexed salaries and wages, tax allowances, and pensions.
Reverse Appraisal- Evaluation of a management's behavior and effectiveness by the employees, used typically in participatory management practices and employee empowerment programs.
Residual Value - the projected value expected by a lesser at the termination of a "fair market value" lease. This value usually falls somewhere between the fair market value and its orderly liquidation value and is based upon the lessor's calculated expectations of the willingness of the lessee to buy the equipment at its fair market value. IN the event the lessee elects to return the equipment, the lesser is likely to dispose of the equipment at its orderly liquidation value.
Sales Comparison or Market Approach - involves the collection of market sales data pertaining to the subject assets being appraised in order to determine the desirability of the assets through recent sales or offerings of similar assets currently on the market in order to derive the most probable selling price for the assets being appraised. In high tech technology, values change rapidly and little market data may exist for certain assets.
Salvage Value - is the estimated amount, expressed in terms of money that may be expected for the whole property or a component of the whole property that is retired from service for possible use elsewhere, as of a specific date.
Scrap Value - is the estimated amount, expressed in terms of money that could be realized for the property if it were sold for its material content, not for a productive use, as of a specific date.
Total Value- Sum of all expenditure liable to be incurred (such as installation, consumables, breakdown, maintenance, and final disposal) plus the purchase price of an acquisition.
True Value- Amount that a buyer is willing to pay for an item. It changes from time to time and from place to place.
Valuation- is the act of determining the value or price of anything; evaluation; appraisal.
b. determined or estimated value or price on the market.
c. estimation of the worth, merit, etc. of anything.
Valuation Method- Means employed by an adjuster to determine the occurrence of a loss and affixing a monetary value to it before processing a claim. The adjuster must establish that (1) the insured actually suffered a monetary loss, (2) the loss was covered in the insurance policy, (3) the monetary value of the loss or damage, and (4) estimated cost of repair or replacement.
Wholesale Price- The cost of a good sold by a wholesaler. The wholesaler will usually charge a price somewhat higher than he or she paid to the producer, and the retailer who purchases the goods from the wholesaler will increase the price again when they sell the good in their store.
Bankruptcy- A proceeding in a federal court in which an insolvent debtor's assets are liquidated and the debtor is relieved of further liability. Chapter 7 of the Bankruptcy Reform Act deals with liquidation, while Chapter 11 deals with reorganization.
Bankruptcy Code - Title 11 of the United States Code governs bankruptcy proceedings.
Bankruptcy Court- The bankruptcy judges in regular active service in each district; a unit of the district court.
Bankruptcy estate - The estate is all of the legal and equitable interests of the debtor as of the commencement of the case. From the estate, an individual debtor can claim certain property exempt the balance of the estate is liquidated in a Chapter 7 to pay the administrative costs of the proceeding and the claims of creditors according to their priority.
Bankruptcy Judge- Is a judicial officer of the United States district court who is the court official with decision-making power over federal bankruptcy cases.
Bankruptcy Trustee- A private individual or corporation appointed in all chapter 7, chapter 12, and chapter 13 cases to represent the interests of the bankruptcy estate and the debtor’s creditors.
Business Bankruptcy- A bankruptcy case in which the debtor is a business or an individual involved in business and the debts are for business purposes.
Chapter 7 Bankruptcy- The most common form of bankruptcy, a Chapter 7 case is a liquidation proceeding, available to individuals, married couples, partnerships and corporations.
Chapter 7 Trustee- Is the person appointed in a chapter 7 case to represent the interests of the bankruptcy estate and the unsecured creditors. (The trustee’s responsibilities include reviewing the debtor’s petition and schedules, liquidating the property of the estate, and making distributions to creditors. The trustee may also bring actions against creditors or the debtor to recover property of the bankruptcy estate.)
Chapter 11 Bankruptcy- Is a reorganization proceeding in which the debtor may continue in business or in possession of its property as a fiduciary. A confirmed 11 plan provides for the manner in which the claims of creditors will be paid in whole or in part by the debtor.
Chapter 12 Bankruptcy- A simplified reorganization plan for family farmers whose debts fall within certain limits.
Confirmed: A plan of reorganization in Chapter 11, 12 or 13 approved by the court and binding on the parties is said to be confirmed.
Chapter 13 Bankruptcy- A repayment plan for individuals with debts falling below statutory levels which provides for repayment of some or all of the debts out of future income over 3 to 5 years.
Chapter 13 Trustee- A person appointed to administer a chapter 13 case. (A chapter 13 trustee’s responsibilities are similar to those of a chapter 7 trustee; however, a chapter 13 trustee has the additional responsibilities of overseeing the debtor’s plan, receiving payments from debtors, and disbursing plan payments to creditors.)
Consumer Debt - Debts incurred by an individual for personal, family or household purposes. Taxes are not consumer debts; neither are business loans.
Creditor - The person or organization to whom the debtor owes money or has some other form of legal obligation.
Debtor - The debtor is the entity ( person, partnership or corporation) who is liable for debts, and who is the subject of a bankruptcy case.
Debtor in Possession - In a Chapter 11 case, the debtor usually remains in possession of its assets and assumes the duties of a trustee. The debtor in possession is a fiduciary or the creditors of the estate, and owes them the highest duty of care and loyalty.
Equity- The value of a debtor’s interest in property that remains after liens and other creditors’ interests are considered. (Example: If a house valued at $60,000 is subject to a $30,000 mortgage, there is $30,000 of equity.)
Trustee- The representative of the bankruptcy estate who exercises statutory powers, principally for the benefit of the unsecured creditors, under the general supervision of the court and the direct supervision of the United States trustee or Bankruptcy Administrator.
Industry- Horizontal segmentation of production firms on the basis of their primary generic product (such as merchandise, store fixtures, restaurant supplies, or warehouse equipment), sub-primary generic product (such as electronics, gondola shelving, commercial refrigeration, or pallet racking), or sub-sub primary generic product (such as laptops, Lozier shelves, Tyler 2-door stainless steel freezer, or Interlake pallet rack beams ) ... and so on. Firms in the same industry are on the same side of the market, produce goods which are close substitutes, and compete for the same customers.
Chain Stores- Group of retail outlets owned by one firm and spread nationwide or worldwide, such as Meijers, K-Mart, Target, . Chain stores usually have (1) similar architecture, (2) store design and layout, and (3) choice of products.
Collectibles- Rare, valuable items such as antiques, art, books, coins, acquired for their value as an investment.
Discount Store- A department store which offers its items at a lower price than many other retail stores. Discount stores are often able to drop their prices due to efficient distribution methods. Many of the largest discount stores are also chain stores, and include Meijers, Target, and K-Mart. Furthermore, many of these discount stores could also be categorized as big-box stores, as they grow to include more and more products, sometimes even including a large grocery section.
Distribution- Commerce: Movement of goods and services from the source through the distribution channel, right up to the final customer, consumer, or user and the movement of payment in the opposite direction, right up to the original producer or supplier.
Distribution Center- Facility that is usually smaller than a firm's main warehouse and is used for receipt, temporary storage, and redistribution of goods according to the customer orders as they are received.
Distribution System- Entire set-up consisting of procedures, methods, equipment, and facilities, designed and interconnected to facilitate and monitor the flow of goods or services from the source to the end user.
Facility- General: Permanent, semi-permanent, or temporary commercial or industrial property such as a building, plant, or structure, built, established, or installed for the performance of one or more specific activities or functions.
Fixtures- Awnings, bookcases, lighting, plumbing, etc., that are attached to a real property in a manner that (in view of law) it becomes a part of that property. Fixtures are sold and transferred with the real property, even if they are not mentioned in the deed. However, if the life of the article (such as a water pump or heater) is assumed to be less than the life of the building, it is classified as equipment and not a fixture.
Freight- Charges paid for carriage or transportation of goods (cargo) by air, land, or sea. Goods may be transported (shipped) on freight-prepaid or freight-collect basis: (1) If the freight is paid by the consignor (as under C&F and CIF terms) the goods remain the consignor's property until their delivery is taken by the consignee upon their arrival at the destination, and payment of the consignor's invoice. (2) If freight is paid by the consignee (as under FOB terms) the goods become the consignee's property when handed over to the carrier against a bill of lading.
Generator- Equipment that converts mechanical energy into electrical energy.
H-beam Hot-rolled steel beam with H-shaped cross section, used mainly in piling and retaining structures.
Gondola Shelving- Type of merchandise display stand used in retailing. A gondola is a bank of freestanding shelves that are open on all sides.
Household Goods- Personal property other than real estate, belonging to an individual or his or her immediate family and including (but not limited to) appliances, books, clothing, furnishings, and furniture.
HVAC- Short for heating, ventilation, and air conditioning. The system is used to provide heating and cooling services to buildings. HVAC systems have become the required industry standard for construction of new buildings. Before the creation of this system, the three elements were usually split between three or more devices.
I-beam- Hot-rolled steel beam with I-shaped cross section, and tapered flanges narrower than wide flanged beams (such as H-beam).
Impulse Goods- Retail items known for their unplanned purchases and, therefore, kept near the checkout counters, such as candy, chocolate, magazines, novelties, snacks.
Industrial Goods- Machinery, manufacturing plants, materials, and other goods or component parts for use or consumption by other industries or firms.
Industrial Property- Intangible property such as inventions, industrial designs, trademarks, which is afforded protection under national and international intellectual property laws.
Island Displays- In-store display in which a product (or group of products) is positioned in the middle of the store or at the end of an isle away from competing products.
Machine Tool- Heavy or non-portable power driven industrial device used for abrading, cutting, drilling, forming, grinding, nibbling, or shaping of a piece of metal or other material. Machine tools (such as lathes) are 'machines that make machines.'
Machining- Process such as abrading, cutting, drilling, forming, grinding, and/or shaping of a piece of metal or other material performed by machine tools such as lathes, power saws, and presses.
Maintenance- General: Activities required to conserve as nearly, and as long, as possible the original condition of an asset or resource while compensating for normal wear and tear.
Manufacturing- Includes all steps necessary to convert raw materials, components, or parts into finished goods that meet a customer's expectations or specifications. Manufacturing commonly employs a man-machine setup with division of labor in a large scale production.
Mass Merchandise- Goods lots of people consume practically everyday, such as candy, diapers, milk, snacks, soft drinks, and toilet paper. Mass merchandise is widely distributed, and purchased usually in bulk.
Mass Merchandiser- Huge retail store offering a very wide range of product categories such as accessories, appliances, clothing, furniture, office equipment and stationery, and shoes.
Materials Handling- Short distance movement of goods or materials within a storage area, involving loading, unloading, palletizing, de-palletizing, etc.
Merchandise- Household, personal use, or commercial goods, wares, commodities, bought and sold in wholesale and retail.
Merchandisers- Retail stores which sell finished, pre-packaged goods. They are categorized into four types on the basis of price, range of product lines, and service level: (1) Department stores, (2) Discount stores, (3) Mass merchandisers, and (4) Specialty stores.
Merchandising- Activities aimed at quick retail sale of goods using bundling, display techniques, free samples, on-the-spot demonstration, pricing, shelf talkers, special offers, and other point-of-sale methods.
Mil- Factory, specially where hot work is performed.
Pallet- Piece of equipment that facilitates mechanical handling of stacked (palletized) goods for fork-lift trucks. Made usually of rough (undressed) wood and commonly 4 x 4 feet (1.2 x 1 meter in Europe) in dimensions, it can carry a typical load of one metric ton (1,000 kilograms or about 2,200 pounds), and serves as a base for assembling, handling, sorting, storing, and transporting goods as a unit load. Job specific pallets come in different designs, dimensionns, and materials; such as a two-way entry pallet, four-way entry pallet, box pallet, post pallet, steel pallet, etc. Also called a skid.
Palletization- Method of storing and transporting goods stacked on a pallet, and shipped as a unit load. It permits standardized ways of handling loads with common mechanical equipment such as fork-lift trucks.
Point of Sales- Point at which a sale is made, the ownership (and usually the possession) is transferred from the seller to the buyer, and indirect taxes (such as VAT) become payable. Commonly, a retail outlet.
Point of Sales Displays-Shelf-talkers, hanging signs (mobiles), window displays, etc., aimed at influencing a purchase at a retail outlet.
Reefer Cargo- Shipment requiring controlled-temperature environment.
Reefer Container- Refrigerated shipping container for transporting perishables, having its own stand-alone (self-powered) cooling system.
Retailer- A business which sells goods to the consumer, as opposed to a wholesaler or supplier which normally sell their goods to another business. Retailers include large businesses such as Target, and also smaller, non-chain locations run independently such as a family-run bookstore.
Retailing- Commercial transaction in which a buyer intends to consume the good or service through personal, family, or household use.
Storage- Non-transitory, semi-permanent or long-term, containment, holding, leaving, or placement of goods or materials, usually with the intention of retrieving them at a later time. It does not include the interim accumulation of a limited amount during processing, maintenance, or repair.
b. Management of storehouses or warehouses, handling operations, and safe custody and protection of inventory items
Store Fixtures- Showcases, shelving, clothing racks, displays racks, etc., that are used by retailers in store fronts to display goods and merchandise with the intent of maximize exposure to the customer while aiding in the overall flow of traffic and design of the store’s layout.
Supermarket- A large store that sells a variety of food and household items to customers.
Supplies- General purpose consumable items which commonly have a shorter life span in use than equipment and machines, and which are stocked for recurring use.
Supplies Goods- Production support goods that do not normally become part of a manufactured good, such as cleaning chemicals, drill bits, lubricants.
Supply Chain- Entire network of entities, directly or indirectly interlinked and interdependent in serving the same consumer or customer. It comprises of vendors that supply raw material, producers who convert the material into products, warehouses that store, distribution centers that deliver to the retailers, and retailers who bring the product to the ultimate user. Supply chains underlie value-chains because, without them, no producer has the ability to give customers what they want, when and where they want, at the price they want.
Warehouse- Facility designed for temporary storage.
Warehouse Retailing- Mass retailing of merchandise such as groceries, hardware, home furnishing, over-the-counter drugs, toiletries, etc., through a super store that offers very low prices and little or no customer service.
Wholesale Inventories- Amount of unsold inventory still in the possession of the wholesaler. If wholesale inventories start to become elevated, that typically means that retailers are purchasing less because demand for the products has decreased. Analysts look to wholesale inventory figures to see how the consumer market is performing.