Dictionary_of_Banking_and_Finance

underwriting / ndəra t ŋ/ noun the action of guaranteeing to purchase shares in a new issue if no one purchases them

underwriting fee / ndəra t ŋ fi / noun a fee paid by a company to the underwriters for guaranteeing the purchase of new shares in that company

underwriting syndicate

/ ndəra t ŋ s nd kət/ noun a group of underwriters who insure a large risk

undischarged bankrupt

/ nd stʃɑ d$d b ŋkr pt/ noun a person who has been declared bankrupt and has not been released from that state

undistributed profit

/ nd str bju t d prɒf t/ noun a profit which has not been distributed as dividends to shareholders

unearned income / n% nd nk m/ noun same as investment income

uneconomic / ni kə nɒm k/ adjective which does not make a commercial profit it is an uneconomic proposition it will not be commercially profitable

uneconomic rent / ni kənɒm krent/ noun a rent which is not enough to cover costs

unemployed / n m plɔ d/ adjective not having any paid work noun the unemployed the people without any jobs

unemployment / n m plɔ mənt/ noun the state of not having any work

‘…tax advantages directed toward small businesses will help create jobs and reduce the unemployment rate’ [Toronto Star]

unemployment benefit / n m-

plɔ mənt ben f t/ noun a payment from the government made to someone who is unemployed (NOTE: The US

term is unemployment compensation.)

unemployment pay / n m-

plɔ mənt pe / noun money given by the government to someone who is unemployed

unemployment rate / n m-

plɔ mənt re t/ noun the number of people out of work, shown as a percentage of the total number of people available for work. Also called rate of

unemployment

unencumbered / n n k mbəd/ adjective referring to property which is not mortgaged

unfair competition / nfeəkɒmpə t ʃ(ə)n/ noun the practice

of trying to do better than another company by using techniques such as importing foreign goods at very low prices or by wrongly criticising a competitor’s products

unfavourable / n fe v(ə)rəb(ə)l/ adjective not favourable (NOTE: The US spelling is unfavorable.) unfavourable balance of trade a situation where a country imports more than it exports unfavourable exchange rate an exchange rate which gives an amount of foreign currency for the home currency which is not good for trade The unfavourable exchange rate hit the country’s exports.

unfulfilled orders / nfυlf ldɔ dəz/ plural noun orders received in the past and not yet supplied

ungeared / n əd/ adjective with no borrowings

uniform business rate / ju n fɔ mb zn s re t/ noun a tax levied on business property which is the same percentage for the whole country. Abbreviation

UBR

unincorporated / n n kɔ pəre t d/ adjective referring to a business which has not been made into a company (i.e. which is operating as a partnership or a sole trader)

unissued capital / n ʃu d k p tl/ noun capital which a company is authorised to issue but has not issued as shares

unit / ju n t/ noun 1. a single product for sale 2. a single share in a unit trust

unitary regulator / ju n t(ə)rire jυle tə/ noun a single regulator, where before there were several

Unitas index an index of prices on the Helsinki Stock Exchange

unit cost / ju n t kɒst/ noun the cost of one item, i.e. the total product costs divided by the number of units produced

United Nations /ju na t dne ʃ(ə)nz/ noun an organisation which links almost all the countries of the world to promote good relations between them

unitise / ju n ta z/, unitize verb to form investments into units which are sold to the public

unit-linked insurance / ju n t l ŋkd n ʃυərəns/ noun an insurance

policy which is linked to the security of units in a unit trust or fund

unit of account / ju n t əv ə kaυnt/ noun a standard unit used in financial transactions among members of a group, such as SDRs in the IMF

unit price / ju n t pra s/ noun the price of one item

unit trust / ju n t tr st/ noun an organisation which takes money from small investors and invests it in stocks and shares for them under a trust deed, the investment being in the form of shares (or units) in the trust (NOTE: The

US term is mutual fund.)

COMMENT: Unit trusts have to be authorised by the Department of Trade and Industry before they can offer units for sale to the public, although unauthorised private unit trusts exist.

unlawful / n lɔ f(ə)l/ adjective against the law, not legal

unlimited / n l m t d/ adjective with no limits The bank offered him unlimited credit.

unlimited liability / n l m t d la ə-

b l ti/ noun a situation where a sole trader or each partner is responsible for all a firm’s debts with no limit on the amount each may have to pay

unlisted company / n l st dk mp(ə)ni/ noun a company whose shares are not listed on the stock exchange

unlisted securities / n l st d s -

kjυər tiz/ plural noun shares which are not listed on the Stock Exchange

Unlisted Securities Market / n-

l st d s kjυər tiz mɑ k t/ noun formerly, the market for buying and selling shares which were not listed on the main Stock Exchange, now replaced by the Alternative Investment Market (AIM). Abbreviation USM

unload / n ləυd/ verb 1. to take goods off a ship, lorry etc. The ship is unloading at Hamburg. We need a fork-lift truck to unload the lorry. We unloaded the spare parts at Lagos. There are no unloading facilities for

container ships. 2. to sell shares which do not seem attractive We tried to unload our shareholding as soon as the company published its accounts.

unlock / n lɒk/ verb to unlock value to sell undervalued assets and so increase the value of a company to its shareholders

unpaid / n pe d/ adjective not paid

unpaid balance / n pe d b ləns/ noun a balance of a loan or invoice which still has to be paid after a part payment or instalment payment has been made

unpaid cheque / n pe d tʃek/ noun a cheque which has been deposited but which is bounced by the bank on which it is written, so the account of the person who should receive is not credited

unpaid invoices / n pe d nvɔ s z/ plural noun invoices which have not been paid

unprofitable / n prɒf təb(ə)l/ adjective not profitable

‘…the airline has already eliminated a number of unprofitable flights’ [Duns Business Month]

unquoted shares / nkwəυt dʃeəz/ plural noun shares which have no Stock Exchange quotation

unrealised / n r əla zd/, unrealized adjective not sold to make a profit

unrealised capital gain / n-

r əla zd k p t(ə)l e n/ noun an investment which is showing a profit but has not been sold

unrealised profit / n r əla zdprɒf t/ noun same as paper profit

unredeemed pledge / nr di mdpled$/ noun a pledge which the bor-

rower has not claimed back because he has not paid back his loan

unregistered / n red$ stəd/ adjective referring to a company which has not been registered

unsecured creditor / ns kjυədkred tə/ noun a creditor who is owed

money, but has no security from the debtor for the debt

unsecured debt / ns kjυəd det/ noun a debt which is not guaranteed by a charge on assets or by any collateral

unsecured loan / ns kjυəd ləυn/ noun a loan made with no security

unseen / n si n/ adverb not seen to buy something sight unseen to buy something without having inspected it

unsettled / n set(ə)ld/ adjective which changes often or which is upset

unstable / n ste b(ə)l/ adjective not stable, changing frequently unstable exchange rates

unsubsidised / n s bs da zd/,

unsubsidized adjective with no subsidy

unsuccessful / nsək sesf(ə)l/ adjective not successful an unsuccessful businessman The project was expensive and unsuccessful. He made six unsuccessful job applications before he finally got a job.

unsuccessfully / nsək sesf(ə)li/ adverb with no success The company unsuccessfully tried to break into the South American market. He unsuccessfully applied for the job of marketing manager.

unweighted / n we t d/ adjective without giving any extra value to a certain factor

up / p/ adverb, preposition in or to a higher position The inflation rate is going up steadily. Shares were up slightly at the end of the day. She worked her way up to become sales director.

upcoming / pk m ŋ/ adjective which will come in the near future

The company is banking on its upcoming new drug to treat strokes.

update / p de t/ verb to revise something so that it is always up to date

The figures are updated annually.

up front / p fr nt/ adverb in advance

uplift / pl ft/ noun an increase The contract provides for an annual uplift of charges.

up market / p mɑ k t/ noun a stock market which is rising or is at its highest level How your emerging growth fund performs in a down market is just as important as in an up market.

upmarket / p mɑ k t/ adverb, adjective more expensive or appealing to a wealthy section of the population the company has decided to move upmarket the company has decided to start to produce more luxury items

upscale / pske l/ adjective aimed at customers at the top end of the socio-economic ladder, who are well-educated and have higher incomes

upset price / pset pra s/ noun the lowest price which the seller will accept at an auction

upside potential / psa d pə-

tenʃəl/ noun the possibility for a share to increase in value (NOTE: The oppo-

site is downside risk.)

upstream / p stri m/ adjective referring to the operations of a company at the beginning of a process (as drilling for oil as an operation of a petroleum company). Compare downstream

upswing / psw ŋ/ noun an upward movement of share prices (NOTE: The

opposite is downswing.)

uptick / pt k/ noun US a price of a share sold, which is higher than the previous price

up to / p tu / preposition as far as, as high as We will buy at prices up to £25.

upturn / pt% n/ noun a movement towards higher sales or profits an upturn in the economy an upturn in the market

upward / pwəd/ adjective towards a higher position an upward movement

upwards / pwədz/ adverb towards a higher position The market moved upwards after the news of the budget.

(NOTE: In the USA, upward is used as both adjective and adverb.)

US, USA abbreviation United States (of America)

use noun /ju s/ a way in which something can be used directions for use instructions on how to run a machine to make use of something to use something in use being worked The computer is in use twenty-four hours a day.

items for personal use items which a person will use for himself, not on behalf of the company he has the use of a company car he has a company car which he uses privately verb /ju z/ to take something, e.g. a machine, a company or a process, and work with it

We use airmail for all our overseas correspondence. The photocopier is being used all the time. They use freelancers for most of their work.

user / ju zə/ noun a person who uses something

user-friendly / ju zə frendli/ adjective which a user finds easy to work

These programs are really user-friendly.

user’s guide / ju zəz a d/, user’s handbook / ju zəz h ndbυk/, user’s manual / ju zəz m njυəl/ noun a

book showing someone how to use something

USM abbreviation Unlisted Securities Market

US Treasury bonds / ju estre$əri bɒndz/ plural noun bonds is-

sued by the US Treasury

usual / ju $υəl/ adjective normal or ordinary Our usual terms or usual conditions are thirty days’ credit. The usual practice is to have the contract

signed by the MD. The usual hours of work are from 9.30 to 5.30.

usurious /ju zjυəriəs/ adjective referring to usury a usurious rate of interest

usury / ju $əri/ noun lending money at high interest

utilisation / ju t la ze ʃ(ə)n/, utilization noun the act of making use of something

‘…control permits the manufacturer to react to changing conditions on the plant floor and to keep people and machines at a high level of utilization’ [Duns Business Month]

utilise / ju t la z/, utilize verb to use something

utility /ju t l ti/ noun a public service company, such as one that supplies water, gas or electricity or runs public transport Shares in utility companies or utilities offer good dividends.

vacant possession / ve kənt pə-

zeʃ(ə)n/ noun being able to occupy a property immediately after buying it because it is empty The property is to be sold with vacant possession.

valorem /və lɔ rəm/ noun ad valorem duty

valuable / v ljυəb(ə)l/ adjective which is worth a lot of money

valuation / v lju e ʃ(ə)n/ noun an estimate of how much something is worth to ask for a valuation of a property before making an offer for it to buy a shop with stock at valuation when buying a shop, to pay a price for the stock which is equal to the value as estimated by the valuer to purchase stock at valuation to pay the price for stock which it is valued at

value / v lju / noun the amount of money which something is worth the fall in the value of sterling He imported goods to the value of £2500. The valuer put the value of the stock at £25,000. good value (for money) a bargain, something which is worth the price paid for it That restaurant gives value for money. Buy that computer now – it is very good value. Holidays in Italy are good value because of the exchange rate. to rise or fall in value to be worth more or less verb to estimate how much money something is worth He valued the stock at £25,000.We are having the jewellery valued for insurance.

value added / v lju d d/ noun the amount added to the value of a product or service, being the difference between its cost and the amount received when it is sold. Also called net output

Value Added Tax / v lju d dt ks/ noun full form of VAT

value investing / v lju n vest ŋ/ noun basing investment strategy on the

value of a company rather than simply on its share price

value investor / v lju n vestə/ noun a person who buys shares for the value of the company

value-priced goods / v lju pra stυdz/ noun goods which are good value for money

valuer / v ljυə/ noun a person who estimates how much money something is worth

value stocks / v lju stɒks/ plural noun shares which provide a good return on investment

vanilla /və n lə/ noun plain vanilla swap

variable / veəriəb(ə)l/ adjective which changes noun something which varies

variable annuity / veəriəb(ə)l ə-

nju əti/ noun an annuity based on funds invested in common stock, which varies with the value of the stock, as opposed to a fixed annuity

variable costs / veəriəb(ə)l kɒsts/ plural noun production costs which increase with the quantity of the product made, e.g. wages or raw materials

variable rate / veəriəb(ə)l re t/ noun a rate of interest on a loan which is not fixed, but can change with the current bank interest rates. Also called

floating rate

variable redemption bond

/ veəriəb(ə)l r dempʃən bɒnd/ noun a bond where the money to be repaid is linked to a variable, such as the price of gold at the time of payment

variance / veəriəns/ noun the difference between what was expected and the actual results at variance with not in agreement with The actual sales are at variance with the sales reported by the reps.

variation / veəri e ʃ(ə)n/ noun the amount by which something changes seasonal variations variations which take place at different times of the year

seasonal variations in buying patterns

There are marked seasonal variations in unemployment in the hotel industry.

VAT / vi e ti , v t/ noun a tax on goods and services, added as a percentage to the invoiced sales price The invoice includes VAT at 17.5%. The government is proposing to increase VAT to 22%. Some items (such as books) are zero-rated for VAT. He does not charge VAT because he asks for payment in cash. Full form Value

Added Tax

‘…the directive means that the services of stockbrokers and managers of authorized unit trusts are now exempt from VAT; previously they were liable to VAT at the standard rate. Zero-rating for stockbrokers’ services is still available as before, but only where the recipient of the service belongs outside the EC’ [Accountancy]

COMMENT: In the UK, VAT is organised by the Customs and Excise Department, and not by the Treasury. It is applied at each stage in the process of making or selling a product or service. Company ‘A’ charges VAT for their work, which is bought by Company ‘B’, and pays the VAT collected from ‘B’ to the Customs and Excise; Company ‘B’ can reclaim the VAT element in Company ‘A’’s invoice from the Customs and Excise, but will charge VAT on their work in their invoice to Company ‘C’. Each company along the line charges VAT and pays it to the Customs and Excise, but claims back any VAT charged to them. The final consumer pays a price which includes VAT, and which is the final VAT revenue paid to the Customs and Excise. Any company or individual should register for VAT if their annual turnover or income is above a certain level.

VAT declaration / v t deklə-

re ʃ(ə)n/ noun a statement declaring VAT income to the VAT office

VAT inspection / v t n spekʃ(ə)n/ noun a visit by officials of the Customs and Excise Department to see if a company is correctly reporting its VAT

VAT inspector / v t n spektə/ noun a government official who examines VAT returns and checks that VAT is being paid

VAT invoice / v t nvɔ s/ noun an invoice which includes VAT

VAT invoicing / v t nvɔ s ŋ/ noun the sending of an invoice including VAT

VATman / v tm n/, vatman noun a VAT inspector

VAT office / v t ɒf s/ noun the government office dealing with the collection of VAT in an area

vault /vɔ lt/ noun a strongroom in a bank, usually underground, where valuables can be deposited

vault cash / vɔ lt k ʃ/ noun cash held by a bank in its vaults, used for day-to-day needs

VC abbreviation venture capitalist VCT abbreviation venture capital trust

velocity of money /və lɒs ti əvm ni/ noun the rate at which money circulates in the economy, usually calculated as the GNP shown as a percentage of the stock of money supply

vending / vend ŋ/ noun selling

vendor / vendə/ noun 1. a person who sells something, especially a property the solicitor acting on behalf of the vendor 2. a company selling its shares on a stock market for the first time

vendor placing / vendə ple s ŋ/ noun the act of arranging for an issue of new shares to be bought by institutions, as a means of financing the purchase of another company

venture / ventʃə/ noun a commercial deal which involves a risk They lost money on several import ventures. She’s started a new venture – a computer shop. verb to risk money

venture capital / ventʃə k p t(ə)l/ noun capital for investment which may easily be lost in risky projects, but can also provide high returns. Also called

risk capital

venture capital fund / ventʃək p t(ə)l f nd/ noun a fund which in-

vests in finances houses providing venture capital

‘…the Securities and Exchange Board of India allowed new companies to enter the primary market provided venture capital funds took up 10 per cent of the equity. At present, new companies are allowed to make initial public offerings provided their projects have been appraised by banks or financial institutions

k p t(ə)l st/ noun a finance house or private individual specialising in providing venture capital. Abbreviation VC

‘…along with the stock market boom of the 1980s, the venture capitalists piled more and more funds into the buyout business, backing bigger and bigger deals with ever more extravagant financing structures’ [Guardian]

venture capital trust / ventʃək p t(ə)l tr st/ noun a trust which in-

vests in smaller firms which need capital to grow. Abbreviation VCT

verification / ver f ke ʃ(ə)n/ noun the process of checking if something is correct The shipment was allowed into the country after verification of the documents by customs.

verify / ver fa / verb to check to see if something is correct

vertical / v% t k(ə)l/ adjective upright, straight up or down

vertical communication

/ v% t k(ə)l kəmju n ke ʃ(ə)n/ noun communication between senior managers via the middle management to the workforce

vertical integration / v% t k(ə)lnt re ʃ(ə)n/ noun same as back-

ward integration

vested interest / vest d ntrəst/ noun a special interest in keeping an existing state of affairs she has a vested interest in keeping the business working she wants to keep the business working because she will make more money if it does

vesting day / vest ŋ de / noun a day when a formerly nationalised industry becomes owned by its new shareholders

vet /vet/ verb to examine something carefully All candidates have to be vetted by the managing director. The contract has been sent to the legal department for vetting. (NOTE: vetting –

vetted)

viability /va ə b l ti/ noun the fact of being viable or being able to make a profit

viable / va əb(ə)l/ adjective which can work in practice not commercially viable not likely to make a profit

videoconference / v diəυ-

kɒnf(ə)rəns/ noun a system linking

video, audio and computer signals from different locations so that distant people can talk and see each other, as if in the same conference room

view /vju / noun a way of thinking about something We asked the sales manager for his views on the reorganisation of the reps’ territories. The chairman takes the view that credit should never be longer than thirty days.

to take the long view to plan for a long period before your current investment will become profitable in view of because of In view of the falling exchange rate, we have redrafted our sales forecasts.

viewdata / vju de tə/ noun a service on TV which gives share prices. Some services also allow trading over the phone.

virement / va əmənt/ noun a transfer of money from one account to another or from one section of a budget to another

virtual credit card / v% tʃυəlkred t kɑ d/ noun a technology that allows a user to set up a new credit account with a bank on the Internet and then use this account number to purchase goods, also on the Internet

virtual tokens / v% tʃυəl təυkənz/ plural noun banking technology that allows a user to transfer money from their normal bank to an Internet bank and then use this credit to purchase goods on the Internet

VISA / vi zə/ trademark a trademark for an international credit card system

visible / v z b(ə)l/ adjective referring to real products which are imported or exported

visible exports / v zəb(ə)lekspɔ ts/ plural noun real products

which are imported or exported, as opposed to services

visible trade / v zəb(ə)l tre d/ noun trade involving visible imports and exports

vivos inter vivos

voicemail / vɔ sme l/ noun an electronic communications system which stores digitised recordings of telephone messages for later playback

void /vɔ d/ adjective not legally valid

the contract was declared null and

void the contract was said to be no longer valid verb to void a contract to make a contract invalid

voidable / vɔ dəb(ə)l/ adjective referring to a contract which can be annulled

volatile / vɒləta l/ adjective referring to a market or price which is not stable, but which rises and falls sharply The share has been very volatile since it was launched.

‘…blue chip stocks are the least volatile while smaller stocks are the most volatile’ [The Times]

‘…the investment markets appear to have become ever more volatile, with interest rates moving at times to extreme levels, and the stock market veering wildly from boom to slump and back again’ [Financial Times Review]

‘…the FTSE 100 Index ended another volatile session a net 96.3 easier at 6027’ [Financial Times]

volatility / vɒlə t l ti/ noun the fact of being volatile Investors are recommended to keep their money in building society accounts because the increasing volatility of the stock market.

‘…while the technology sector has certainly captured the imagination of private investors, the enthusiasm it has aroused among them is likely to cause extreme share price volatility in the short term’ [Financial Times]

volatility rating / vɒlə t l ti re t ŋ/ noun a calculation of how volatile a share is, by calculating how much its performance is different from the normal pattern

volume / vɒlju m/ noun 1. a quantity of items 2. the quantity of shares traded on a stock market average daily volume: 130,000 shares

volume discount / vɒlju md skaυnt/ noun the discount given to a

customer who buys a large quantity of goods

volume of business / vɒlju m əvb zn s/ noun the number of items sold, or the number of shares sold on the Stock Exchange during a day’s trading

The company has maintained the same volume of business in spite of the recession.

volume of sales / vɒlju m əvse lz/ noun 1. the number of items sold

low or high volume of sales a small or large number of items sold 2. US an amount of money produced by sales

(NOTE: The UK term is turnover.)

volume of trade / vɒlju m əvtre d/ noun same as volume of

business

volume-weighted prices

/ vɒlju m we t d pra s z/ plural noun prices which are calculated according to the volume of turnover

voluntarily / vɒlənt(ə)rəl / adverb without being forced or paid

voluntary / vɒlənt(ə)ri/ adjective 1. done freely without anyone forcing you to act 2. done without being paid

voluntary liquidation / vɒlənt(ə)ril kw de ʃ(ə)n/ noun a situation where

a company itself decides it must close and sell its assets

voluntary organisation

/ vɒlənt(ə)ri ɔ əna ze ʃ(ə)n/ noun an organisation which has no paid staff

voluntary redundancy

/ vɒlənt(ə)ri r d ndənsi/ noun a situation where the employee asks to be made redundant, usually in return for a large payment

vostro account / vɒstrəυ ə kaυnt/ noun an account held by a correspondent bank for a foreign bank. nostro

account

vote /vəυt/ noun the act of marking

take a vote on a proposal, to put a proposal to the vote to ask people

posal verb to show an opinion by marking a paper or by holding up your hand at a meeting The meet-

you agree or do not agree with a proposal two directors were voted off the board at the AGM the AGM voted to dismiss two directors

she was voted on to the committee she was elected a member of the committee

voter / vəυtə/ noun a person who votes

voting / vəυt ŋ/ noun the act of making a vote

voting paper / vəυt ŋ pe pə/ noun a paper on which the voter puts a cross to show for whom he wants to vote

voting rights / vəυt ŋ ra ts/ plural noun the rights of shareholders to vote at company meetings

voting shares / vəυt ŋ ʃeəz/ plural noun shares which give the holder the right to vote at company meetings

voucher / vaυtʃə/ noun 1. a piece of paper which is given instead of money 2. a written document from an auditor to show that the accounts are correct or that money has really been paid

wage /we d$/ noun the money paid to an employee in return for work done, especially when it is paid weekly and in cash She is earning a good wage or good wages for a young person. (NOTE:

The plural wages is more usual when referring to the money earned, but wage is used before other nouns.)

‘European economies are being held back by rigid labor markets and wage structures’ [Duns Business Month]

‘…real wages have been held down dramatically: they have risen at an annual rate of only 1% in the last two years’ [Sunday Times]

COMMENT: The term ‘wages’ refers to weekly or hourly pay for workers, usually paid in cash. For employees paid by a monthly cheque, the term used is ‘salary’.

wage adjustments / we d$ ə-

d$ stmənts/ plural noun changes made to wages

wage claim / we d$ kle m/ noun an act of asking for an increase in wages

wage differentials / we d$ d fə-

renʃəlz/ plural noun same as pay differentials

wage drift / we d$ dr ft/ noun same as earnings drift

wage-earner / we d$ % nə/ noun a person who earns a wage

wage-earning / we d$ % n ŋ/ adjective the wage-earning population people who have jobs and earn money

wage indexation / we d$ndekse ʃ(ə)n/ noun the linking of in-

creases to the percentage rise in the cost of living

wage negotiations / we d$ n əυʃi e ʃ(ə)nz/ plural noun same as

pay negotiations

wage packet / we d$ p k t/ noun same as pay packet

wage-price spiral / we d$ pra sspa ərəl/ noun a situation where price

rises encourage higher wage demands which in turn make prices rise

wage restraint / we d$ r stre nt/ noun the act of keeping increases in wages under control

wages and prices freeze

/ we d$ z ən pra s z fri z/ noun a period when wages and prices are not allowed to be increased

wage scale / we d$ ske l/ noun same as pay scale

wages clerk / we d$ z klɑ k/ noun same as payroll clerk

wages drift /we d$s dr ft/ noun same as earnings drift

wages policy / we d$ z pɒl si/ noun a government policy on what percentage increases should be paid to workers

waive /we v/ verb to give up a right

He waived his claim to the estate. to waive a payment to say that payment is not necessary

waiver / we və/ noun an act of giving up a right or removing the conditions of a rule If you want to work without a permit, you will have to apply for a waiver.

waiver clause / we və klɔ z/ noun a clause in a contract giving the conditions under which the rights in the contract can be given up

walk-in / wɔ k n/ noun a person who approaches an organisation for a job, without knowing if any jobs are available (NOTE: The plural is walk-ins.)

wall of money / wɔ l əv m ni/ noun a large amount of money ready to be invested on the stock market (especially, money from new investment funds, or foreign investors) (NOTE: Simi-

lar to the weight of money.)

wallpaper / wɔ lpe pə/ noun shares issued in large numbers during a take-