Marys

Full Ratchet Definition.

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A full ratchet definition is a type of agreement that allows for the full resetting of terms in the event of a breach of contract. This means that all terms of the agreement are renegotiated from scratch, as if the agreement were being made for the first time. This can be a disadvantage for the … Read more

What Is Replacement Cost and How Does It Work?

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Replacement cost is the cost of replacing an asset with a new one of similar function and quality. This is different from the historical cost of an asset, which is the original cost of the asset less any depreciation that has been charged against it. Replacement cost is important in insurance, as it is used … Read more