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General Damages

the compensation payment for the injuries suffered by a Claimant in a personal injury claim.

Going Concern

basis on which insolvency practitioners prefer to sell a business. Effectively it means the business continues, jobs are saved, and a higher price is obtained

Guarantee

a legal commitment to repay a debt if the original borrower fails to do so. Directors may give guarantees to banks in return for the bank giving finance to their companies. Companies in a group may guarantee each others loans

Guardian

someone selected to look after the interests of a child under 18 years of age

Grant of representation

the court order authorising a person to deal with the assets of the deceased. If a will appoints executors, it is called a grant of probate; otherwise, a grant of letters of administration (with or without a will annexed).

Gazumping

where a seller agrees to sell to one buyer but then either sells to another buyer or raises the price when two or more buyers show interest

Gazundering

where the buyer lowers their offer on the property after agreeing a price, often on the day contracts are due to be exchanged

Ground rent

annual charge paid by leaseholders to the freeholder

Garden or Gardening leave

when someone is paid for a period when they are not working, either after they have given in their notice or when they are being investigated for alleged misconduct

Grievance procedure

procedure to be followed by an employee with a complaint against an employer before commencing Tribunal action

Gross wages

the amount of wages before any deductions are made

Gazanging

where the seller withdraws at the last minute, often due to market uncertainty or the seller failing to find a property to buy

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