A covenant, eg in a lease, specifically included in the relevant document. Cf IMPLIED COVENANT.

A trust which is expressly created by the settlor, either by formal document or by clear intention from a written document or oral statement(s) by the settlor. Cf IMPLIED TRUST (RESULTING TRUST).

See LEASEHOLD REFORM.

For the purpose of asset valuations a “…qualified valuer who is not an internal valuer and where neither he nor any of his partners or co-directors are directors or employees of the company or of another company within a group of companies or have a significant financial interest in the company or group, or where neither the company nor the group has a significant financial interest in the valuer’s firm or company. 'Company' includes any other form of organisation, eg a Trust.” (RICS Guidance Notes on the Valuation of Assets.) See INDEPENDENT VALUER 2; INTERNAL VALUER; QUALIFIED VALUER 2.

The ending of a right or obligation (such as a debt) or interest in land, eg forfeiture of a lease.

The analysis and study of historic tends and their projection, reflecting present circumstances, as a means of predicting future market conditions.

In a building contract, those items of work carried out which, although not specified or otherwise described in any contract document or on any plans embodied in the contract, are found to be necessary or required to be done, authorised by the employer or his representative and costed in accordance with the provisions of the contract.

An exemption or relief from tax which is not statute based but may be granted in a particular and defined set of circumstances at the discretion of the Inland Revenue. A list of concessions currently allowable is available from the Board of Inland Revenue. Cf EXEMPTION; TAX RELIEF.

Evidence on matters not mentioned in a document produced in evidence in order to explain, vary or contradict its apparent meaning.