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.
General and Administrative (G & A) Expense
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.
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.
A fund used to track revenues and
expenditures that support all services not
assigned to other funds.
A book or computer file with
separate sections for each financial account.
General Obligation Bond
A municipal bond
secured by all available resources—including
power of taxation—of the issuing entity to
repay bond holders.
The part of a contract (e.g., a
bid or proposal) that contains all of the
standard clauses and requirements. See also:
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
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.
Relating to a whole class
of goods and services without a brand name