AGENCY. A consensual relationship created by contract or by law where one party, the principal, grants authority for another party, the agent, to act on behalf of and under the control of the principal to deal with a third party. An agency relationship is fiduciary in nature, and the actions and words of an agent exchanged with a third party bind the principal.

ANNULMENT OF JUDGMENT. A remedy that seeks to set aside a final and executory judgment of a court or tribunal due to extrinsic fraud or lack of jurisdiction.

ANNULMENT OF MARRIAGE. An action to terminate an existing marriage based on the grounds stated in the Family Code of the Philippines.

BANKING LAWS. Refer to statutes that regulate the Philippine banking system, including the General Banking Act, the New Central Bank Act, the Truth in Lending Act, the Bank Deposits Secrecy Law, the Secrecy of Foreign Deposits Act, the Philippine Deposit Insurance Corporation Law, and the Anti-Money Laundering Act, among others.

BANKRUPTCY. A legally authorized procedure by which a debtor—an individual or corporation — is relieved of total liability for its debts by making court-approved arrangements for their partial repayment. In the Philippines, it is referred to as Insolvency.

BOT LAW. Is a law governing the contractual arrangements wherein a contractor undertakes the construction, including financing, of an infrastructure project, as well as the operation thereof within a specified period. At the end of the term, the contractor shall transfer the facility to the government or a local government unit concerned. The BOT Law recognizes additional variations, i.e. build-own-and-operate, build- lease-and-transfer, build-transfer-and-operate, contract-add-and operate, develop-operate-and-transfer, rehabilitate-operate-and transfer and rehabilitate-own-and-operate.

BOUNCING CHECKS. Are, in general, checks made worthless for being drawn by a person against an account with insufficient funds or a closed account. It is governed by Batas Pambansa Blg. 22. This law imposes criminal liability arising from the issuance of bounced checks. What the law punishes is the issuance of a bouncing check and not the purpose for which the check was issued, nor the terms and conditions of its issuance.

DCARBON CREDITS. These are a key component of national and international emissions trading schemes that have been implemented to mitigate global warming. They provide a way to reduce greenhouse effect emissions on an industrial scale by capping total annual emissions and letting the market assign a monetary value to any shortfall through trading. Credits can be exchanged between businesses or bought and sold in international markets at the prevailing market price. Credits can be used to finance carbon reduction schemes between trading partners and around the world.

COLLECTION. Is a means of pursuing payments on debts owed by individuals or businesses.

COMPANY FORMATION. Is the process of establishment of corporation as a business entity which includes planning, compliance, and consummation of major transactions on corporate financing, organizational set-up and debt securitization.

CONSUMER RIGHTS. These are rights available to consumers as provided for in the Consumer Act of the Philippines which aims to protect consumers against hazards to health and safety; protect consumers against deceptive, unfair and unconscionable sales acts and practices; provide information and education to facilitate sound choice and the proper exercise of rights by the consumer and adequate means of redress, among others.

CONTRACTOR’S LIEN. It is also known as a mechanic's lien, or a construction lien, is a claim made by contractors or subcontractors who have performed work on a property who have not yet been paid. A supplier of materials delivered to the job may also file a mechanic's lien. In some states, professionals such as architects, engineers, and surveyors may also be entitled to file a lien for services rendered.

CONTRACTS. It regulates the agreement and relationship of parties to a contract. A contract is a meeting of minds between two persons whereby one binds himself, with respect to the other, to give something or to render some service (Art. 1305, Civil Code of the Philippines). The Civil Code of the Philippines, particularly the Law on Obligations and Contracts, is the governing statute for contracts.

CORPORATE REHABILITATION. Contemplates continuance of corporate life and activities in an effort to restore and reinstate the corporation to its former position of successful operation and solvency. The purpose of rehabilitation proceedings is to enable the company to gain a new lease on life and thereby allow creditors to be paid their claims from its earnings. (source: Negros Navigation v. Court of Appeals). The Rules of Procedure on Corporate Rehabilitation apply to petitions for rehabilitation filed by distressed corporations.

CORPORATE SECRETARY. Is an officer of a corporation responsible for the official documents of the corporation such as the official seal, records of shares issued, corporate by-laws, and minutes of all board or committee meetings.

CORPORATE TAKE OVER. Refer to the transfer of control of a firm or corporation from one group of shareholders to another group of shareholders. It is also defined as the change in the controlling interest of a corporation, either through a friendly acquisition or an unfriendly, hostile, bid. A hostile takeover (with the aim of replacing current existing management) is usually attempted through a public tender offer.

CORPORATION LAW. It refers to laws regulating the existence, acts, among others, of juridical entities created under the Philippine Corporation Code. The Corporation Code of the Philippines is the main law.

CORRECTION OF ENTRY. This refers to correction, upon good and valid grounds, of entries in the civil register. Correction of clerical or typographical errors may be done administratively by the local civil registrar while correction of other entries should be done judicially or with a court order.

DIRECTOR’S DUTIES & LIABILITIES. These refer to the law that states and regulates the acts of a member of a corporation’s board of directors. A director’s duties and liabilities are found in the Corporation Code of the Philippines.

EJECTMENT. Is a remedy available to a person deprived of the possession of any land or building by force, intimidation, threat, strategy or stealth, or a lessor, vendor, vendee, or other person against whom the possession of any land or building was unlawfully withheld after the expiration of termination of the right to hold possession, by virtue of contract, express or implied, or the legal representatives or assigns of any such lessor, vendor, vendee or other person at any time within one (1) year after such unlawful deprivation or withholding of possession. This remedy contemplates cases of forcible entry and unlawful detainer, which are governed by the Rules of Summary Procedure.

ELECTION LAWS. Is a discipline falling at the juncture of constitutional law and political science. It includes rules and regulations on campaign finance, legislation, voting rights, candidacy requirements, mode of voting, initiatives and redistricting.

ENERGY REGULATION. Involves government controls on market power and affiliate issues that characterize energy transactions. This area of legal practice includes board-level regulatory, commercial and political strategy questions in the energy utility sector. Regulation in the energy sector includes licensing of energy companies on a fair and equitable basis and set performance standards which government offices enforce.

ENVIRONMENT. These laws regulate the acts of individuals and juridical entities to protect the environment and natural resources. Among these laws are: the Constitution, he Fisheries Code, the Clean Air Act, the Water Code, the Petroleum Act, the Mining Act, and the Revised Forestry Code.

ESTAFA. Is a crime committed by a person who defrauds another causing him to suffer damage, by means of unfaithfulness or abuse of confidence, or of false pretense opt fraudulent acts. For the existence of the crime of estafa, two elements are generally indispensable: fraud and damage.

ESTATE PLANNING. It is an emerging field in the Philippine legal setting that focuses on reduction and avoidance of taxes for a person who intends to dispose of his assets in anticipation of death.

FORECLOSURE OF MORTGAGE. Is an action by which a mortgagee or a pledgee or any other lien holder cuts off the right of the debtor whose property is pledged or mortgaged, because of default in meeting the obligation. Foreclosure may be done judicially or extra-judicially.

FOREIGN INVESTMENTS LAWS. These laws regulate the influx of foreign investment in the Philippines. Among these laws are: the Constitution, the Foreign Investments Act, the Securities Regulation Code, and the Philippine Retail Trade Liberalization Act.

FRANCHISING. Is a means of acquiring the formal grant from the state for the exclusive use of public property in order to engage in some form of public utility. It may also mean the grant by a private corporation to use its methods of operation and the use of another person's business philosophy. The franchisor grants the independent operator the right to distribute its products, techniques, and trademarks for a percentage of gross monthly sales and a royalty fee.

GOVERNMENT CONTRACTS. Is also referred to as public contracts. It is one entered into by a public officer acting for and in behalf of the Government, within the scope of his authority and in his official capacity, the subject matter of which is a public concern. It is governed by the Constitution and Government Procurement Act of the Philippines.

GUARANTY. By guaranty a person, called the guarantor, binds himself to the creditor to fulfill the obligation of the principal debtor in case the latter should fail to do so.

GUARDIANSHIP. Contemplates proceedings where the care and custody of the person and/or affairs of an incompetent person are placed under the care of a court appointed person called a guardian.

HOMEOWNER’S DISPUTE. Includes a broad range of issues regarding the relationships between among homeowners and/or homeowners association-homeowners. Issues may consist of financial disputes (maintenance, common charges, special assessments, fines and penalties, restrictions on resale or transfer, access to books and records); architectural controls (repairs, alterations, painting, decor, landscaping); use of private space (leasing/subleasing, commercial or professional use); personal interactions (facilities use, parking, noise, rudeness).

INCORPORATION. The forming of a new corporation (a corporation being a legal entity that is effectively recognized as a person, albeit a fictitious one, under the law). The corporation may be a business, a non-profit organization, sports club or a government of a new city or town (source: wikipedia.com). Incorporation of private corporations is governed by the Corporation Code. Government corporations, on the other hand, are created through the Corporation Code or enactment of a law.

INJUNCTION. Is a writ (order) issued by a court ordering someone to do something or prohibiting some act, usually after a court hearing. It also contemplates injunction as a provisional remedy whereby the parties are ordered to preserve the status quo of the things subject of the action or the relations between the parties and thus protect the rights of the plaintiff respecting these matters during the pendency of the suit.

INSOLVENCY. Is a state where a debtor who, with his existing assets, foresees the impossibility of meeting all of them when they fall due.

INSURANCE. Is a contract (insurance policy) in which the insurer (insurance company) agrees for a fee (insurance premiums) to pay the insured party all or a portion of any loss suffered by virtue of the occurrence of any contingent or unknown event which may damnify a person.

INTELLECTUAL PROPERTY RIGHTS. These are legal property rights over creations of the mind, both artistic and commercial, and the corresponding fields of law. Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; ideas, discoveries and inventions; and words, phrases, symbols, and designs (source: wikipedia.com).

In the Philippines, intellectual property rights over copyrights, trademarks, and patents may be registered with the Intellectual Property Office. The Intellectual Property Code regulates intellectual property rights.

INTRA-CORPORATE DISPUTES. These refer to controversies which arise out of intra-corporate or partnership relations between and among stockholders, members or associates, between any and all of them and the corporation, partnership or association of which they are stockholders, members or associates, respectively; and which is intrinsically connected with the regulation of the corporation, partnership and association or with those dealing with the internal affairs of such entities.

IMMIGRATION. These laws regulate the entry and continued stay of foreigners in the Philippines. It also includes, among others, naturalization laws, citizenship re-acquisition laws, documentation of immigrant and non-immigrants and special visa and work permit rules and regulations.

LABOR AND EMPLOYMENT. These laws address labor standards, worker’s rights, the relationship between and among employers and employees, worker’s organizations and administrative rulings and precedents on labor dispute resolution.

LAND TITLING. It is a system by which the ownership of estates in land is recorded and registered, usually with government, to provide evidence of title and facilitate transactions.

LEASE/RENT. It is a contract conferring a right on one person (called a tenant or lessee) to possess property belonging to another person (called a landlord or lessor) to the exclusion of the owner landlord.

LEGAL CONSULTANCY. Is means whereby a lawyer provides professional advice in a particular area of concern such as management, accountancy, the environment, technology, human resources, marketing, medicine, finance, economics, public affairs, communication, engineering, and its legal implications to the client. A legal consultant provides clients with deeper levels of expertise than would be feasible for them to retain in-house counsel to address each of the concerns.

LEGAL DUE DILIGENCE. Legal due diligence consists of a scrutiny of all, or specific parts, of the legal affairs of the target company with a view of uncovering any legal risks and provide the buyer with an extensive insight into the company’s legal matters. Additionally, a legal due diligence often improves the buyer’s bargaining position and ensures that necessary precautions in relation to the transaction be taken.

LEGAL OPINIONS. Are views or advice given by lawyers based mainly on the facts given by a client after evaluating the pertinent laws, rules and jurisprudence on the subject matter. It may also mean rulings promulgated at the direction of the court, and to the extent they contain pronouncements about what the law is and how it should be interpreted, they reinforce, change, establish, or overturn legal precedent.

DLEGAL OUTSOURCING. A rising industry in the Philippines where research to solve issues in pending cases, transcription of court proceedings, editing of materials and pleadings, among other things, are contracted out, mainly by big foreign law firms, to companies to save time and resources. Legal outsourcing in the Philippines is governed primarily by the Laws on Obligations and Contacts, the Labor Code, and the Intellectual Property Code.

LIBEL. It is a crime punished by the Revised Penal Code whereby there is a public and malicious imputation of a crime, or vice or defect, real or imaginary, or any act, omission, condition, status, or circumstance tending to cause the dishonor, discredit, or contempt of a natural or juridical person, or to blacken the memory of one who is dead.

LICENSING. Is a process whereby a right or permission granted in accordance with law by a competent authority to engage in some business or occupation or to engage in some transaction is obtained.

LITIGATION. Contemplates the act of carrying a legal proceeding before courts, tribunals, quasi-judicial bodies and administrative agencies for resolution of a legal issue between two parties.

LOAN. A contract by which personalty is transferred by a lender to a borrower, on the promise by the borrower to return the property, or its exact equivalent if the property consists of fungible goods, at a stated time or on demand.

MINING. It is the extraction of valuable minerals or other geological materials from the earth, usually from an ore body, vein or (coal) seam. Materials recovered by mining include base metals, precious metals, iron, uranium, coal, diamonds, limestone, oil shale, rock salt and potash (source: wikipedia.com). Mining in the Philippines is regulated by the Constitution and the Mining Act.

MONEY LAUNDERING. It is a crime whereby the proceeds of an unlawful activity are transacted, thereby making them appear to have originated from legitimate sources. It is a crime in many jurisdictions with varying definitions. It is a key operation of the underground economy. In the Philippines, the prosecution of the crime is governed by the Anti- Money Laundering Act of 2001. Unlawful activity referred to by law is any act or omission or series or combination thereof involving or having relation to the following: kidnapping for ransom; violation of Dangerous Drugs Laws; violation of Anti- Graft and Corrupt Practices Act; Plunder; Robbery and extortion; Jueteng and Masiao punished as illegal gambling; Piracy on the high seas; Qualified theft; Swindling; Smuggling; Violations of the Electronic Commerce Act; Hijacking, destructive arson and murder, including those perpetrated by terrorists against non-combatant persons and similar targets; Fraudulent practices and other violations of the Securities Regulation Code of 2000; and Felonies or offenses of a similar nature that are punishable under the penal laws of other countries.

MORTGAGES. It is the transfer of an interest in property to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt. In the Philippines, it is governed by the Chattel Mortgage Law and the Real Estate Mortgage as contained in Act No. 3135, as amended and the New Civil Code.

NEGOTIATION. It is a dialogue intended to resolve disputes, to produce an agreement upon courses of action, to bargain for individual or collective advantage, or to craft outcomes to satisfy various interests. It is the primary method of alternative dispute resolution. Negotiation occurs in business, non-profit organizations, government branches and legal proceedings.

PARTITION. Is the separation, division and assignment of a thing held in common among those to whom it may belong. The thing itself or its value may be divided.

PATENT. It is a set of exclusive rights granted by a state to an inventor or his assignee for a limited period of time in exchange for a disclosure of an invention. The procedure for granting patents, the requirements placed on the patentee and the extent of the exclusive rights vary widely between countries according to national laws and international agreements. In the Philippines it is governed by the Intellectual Property Code.

POWER OF ATTORNEY. A formal document by which an agent is appointed, generally with wide general powers, although it may be for a limited group of transaction, in which case it is called a “special” power of attorney. It is subject to all the rules of agency and to regulations that are peculiar to itself.

PROBATE OF WILL. To probate a will means to prove before some officer or tribunal, vested by law with authority for that purpose, that the instrument offered to be proved is the last will and testament of the deceased person whose testamentary act it is alleged to be, and that it has been executed, attested and published as required by law, and that the testator was of sound and disposing mind. It is a proceeding to establish the validity of the will.

PROFESSIONAL MALPRACTICE. Is a type of negligence in which the misfeasance, malfeasance or nonfeasance of a professional, under a duty to act, fails to follow generally accepted professional standards, and that breach of duty is the proximate cause of injury to a person who suffers damage. It is committed by a professional or her/his subordinates or agents on behalf of a client or patient that causes damages to the client or patient.

PROPERTY. It is that branch of civil law which classifies and defines the different kinds of appropriate objects, provides for their acquisition and loss, and in general, treats or the nature and consequences of real rights.

PROXY. It is a written authority given to someone to act or vote in someone's place. It is commonly given to cast a stockholder's votes at a meeting of shareholders, and by board members and convention delegates.

PUBLIC UTILITIES. Are business organizations which regularly supplies the public with some commodity or service as electricity, gas, water, transportation, or telephone or telegraph service. Public utilities are generally subject to governmental regulations and control.

PYRAMIDING. An illegal scheme in which paper profits are used to finance the purchase of additional investments, or the offering of the opportunity to a participant to be paid for the chance to introduce new persons to the scheme who will each pay for the opportunity to introduce new persons, and so on.

REAL ESTATE. It is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is stationary, or fixed in location (source: Wikipedia.com). Dealings in real estate are governed by the Civil Code, the Condominium Act, the Maceda Law and the pertinent provisions of the New Civil Code.

RETIREMENT. It refers to the stage where a person completely stops engaging in employment. Retirement age and benefits in the Philippines are governed by the Labor Code, the Social Security System Law, and the Government Social Insurance System Law.

SALE AND PURCHASE. Is a transaction by which title to property is transferred from a seller to a buyer in return for money or a promise in money.

SECURITIES REGULATION. This is a means of State intervention in the securities market in order to establish a market that regulates itself, protects investors, ensures full and fair disclosure about securities and minimizes means of fraudulent or manipulative devices and practices which distorts the free market.

SETTLEMENT OF ESTATE. Is a means of administering the estate of a deceased person, who died with or without executing a will, according to the procedure outlined in Rule 73 to 90 of the Rules of Court. It includes the probate of the will, appointment of executors, issuance of letters testamentary, payment of debts of the estate, and distribution and partition of the estate, among others.

SPECIFIC PERFORMANCE. Is the remedy of requiring exact performance of a contract in the specific form in which it was made, or according to the precise terms agreed upon. (source: Black’s Law Dictionary) Before the remedy of specific performance may be availed of, there must be a breach of the contract.

SURETYSHIP. Is a species of guaranty whereby a person bind himself to fulfill the obligation of another should the latter fail to do so. If a person binds himself solidarily with the principal debtor, the contract is called suretyship.

TAX. Is a financial obligation by a state on persons, whether natural or juridical, within its jurisdiction, for property owned, income earned, business or profession engaged in, or any such activity analogous in character for raising the necessary revenues to take care of the responsibilities of government.

TORT AND DAMAGES. A body of law that addresses and provides remedies for civil wrongs, not arising out of contractual obligations, committed by act or omission, there being fault or negligence, which caused damage to another.

TRANSPORTATION. This refers to a contract whereby a certain person or association of persons obligate themselves to transport persons, things or news from one place to another for a fixed price.

TRUST RECEIPTS. Is considered as a security transaction intended to aid in financing importers and retail dealers who do not have sufficient funds or resources to finance the importation or purchase of merchandise, and who may not be able to acquire credit except through utilization as collateral of the merchandise imported or purchased.

WORKING VISA. This gives a person the permission to stay and take up employment, for a specific job and only for a limited period. This is type of visa is also called a work permit.