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General Agreement on Tariffs and Trade (GATT)
A legal agreement signed by 23 countries on
October 30, 1947, that facilitates tariff
negotiations and provides for the discussion
and resolution of international trade issues.
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General and Administrative (G & A) Expense
An
indirect cost that includes any management,
financial, or other expense that is for the
management and administration of the
business unit as a whole, and which cannot
be identified with a smaller business unit.
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General Contractor (GC)
A contractor delegated
with the entire responsibility and risk for the
day-to-day management and contract
performance of a construction project
designed by a third party.
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General Fund
A fund used to track revenues and
expenditures that support all services not
assigned to other funds.
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General Ledger
A book or computer file with
separate sections for each financial account.
(Business 2002)
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General Obligation Bond
A municipal bond
secured by all available resources—including
power of taxation—of the issuing entity to
repay bond holders.
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General Provisions
The part of a contract (e.g., a
bid or proposal) that contains all of the
standard clauses and requirements. See also:
Boilerplate.
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General Terms and Conditions (Ts and Cs)
Standard provisions (i.e., clauses) in a
solicitation or contract that deal primarily with
the contractual obligations of the parties. See
also: Boilerplate.
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Generally Accepted Accounting Principles (GAAP)
Uniform minimum standards for financial
accounting and recording that encompass the
conventions, rules, and procedures that
define accepted accounting principles.
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Generic/Generic Name
Relating to a whole class
of goods and services without a brand name
or trademark.
