"As Is": Selling the property without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise known as "As Is, Where Is" and "In its Present Condition."
Absentee Bid: A procedure which allows a bidder to participate in the bidding process without being physically present. Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or his representative. The particular rules and procedures of absentee bids are unique to each auction company.
Absentee Bidder: A person (or entity) who does not attend the sale but submits, in advance, a written or oral bid that is the top price he or she will pay for a given property.
Absolute Auction: An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The seller may not bid personally or through an agent. Also known as an auction without reserve.
Accredited Investor: Any natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his purchase exceeds $1,000,000. Or any natural person who had individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year.
Acidic: The unstable molecular state in paper which causes progressive material breakdown (discoloration, integral weakening).
Acrylic Paints: Synthetic paints, with pigments dispersed in a synthetic vehicle made from polymerized acrylic acid esters, the most important of which is polymethyl methacrylate. First used by artists in the late 1940s, their use has come to rival that of oil paints because of their versatility. They can be used on nearly any surface, in transparent washes or heavy impasto, with matte, semi-gloss, or glossy finishes.
Adjoining: In actual contact with another object (i.e., attached). Same as 'Contiguous'.
After (also: d`après): Lettering on a print indicates that the design or image is a copy of a known work by another artist.
Agent: An individual/entity who transacts, represents, or manages business for another individual/entity. Permission is provided by the individual/entity being represented.
Aging: Progressive deterioration caused by atmospheric components such as oxygen, moisture, temperature, any kind of light, particulates such as carbon, dust etc. that eventually affect every artwork.
Alkaline Buffer: In paper products (e.g. framing mattes, printing paper), an additive that raises the pH level to counteract potential damage to the print over time.
Appraisal: An evaluation of the fair market value of a work of art; in other words what the work would bring if sold at auction or by other means on the secondary market. Quite often the purposes of an appraisal are for insurance of the item, for tax purposes for donations and for inheritance. In order to be valid, the appraisal must be done by a certified appraiser, who usually evaluates the work by using comparables---other works of art that have similar characteristics.
Archival: For optimum print conservation, those materials that have safeguards against the aging process due to neutral or slightly alkaline pH.
Artist`s proof (also A.P., E.A.): Originally, test proofs made by the artist during the creative process. Nowadays this category is mainly a custom, where a certain proportion over and above the total print run (generally not exceeding 5-10%) is allotted to the artist for his personal use.
Assessment: The process of placing a value on an asset for the purpose of taxation. Also refers to the tax itself. Also called property assessment.
Assignee: Individual to whom a contract is assigned.
Assignment: The manner by which a contract is transferred from one individual to another individual.
Assignor: An individual who transfers a contract to another individual.
Associated gas: Natural gas produced with crude oil from the same reservoir.
Auction: A method of selling property in a public forum through open and competitive bidding. Also referred to as: public auction, auction sale or sale.
Auction Block: The podium or raised platform where the auctioneer stands while conducting the auction. "Placing (an item) on the auction block" means to sell something at auction.
Auction Listing Agreement: A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement and the rights and responsibilities of each party.
Auction Value: The price which a particular property brings in open competitive bidding at public auction.
Auction With Reserve: An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time.
Auction Without Reserve: An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The seller may not bid personally or through an agent.
Auctioneer: The person whom the seller engages to direct, conduct, or be responsible for a sale by auction. This person may or may not actually call or cry the auction.
Bank Letter of Credit: A letter from a bank certifying that a named person is worthy of a given level of credit. Often requested from prospective bidders or buyers who are not paying with currency at auctions.
Barrel: A unit of measure for oil and petroleum products that is equivalent to 42 U.S. gallons.
BBL: Abbreviation for barrels of oil.
BCF: Abbreviation for a billion cubic feet of natural gas.
Beneficiary: A person or entity named in a will or a financial contract as the inheritor of property when the property owner dies. A beneficiary can be a spouse, child, charity or any entity or person to whom the property owner would like to leave his or her possessions and assets.
Bid: A prospective buyer's indication or offer of a price he or she will pay to purchase property at auction. Bids are usually in standardized increments established by the auctioneer.
Bid Rigging: The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value.
Bidder Number: The number issued to each person who registers at an auction.
Bidder`s Choice: A method of sale whereby the successful high bidder wins the right to choose a property or properties from a grouping of similar or like-kind properties. After the high bidder's selection, the property is deleted from the group, and the second round of bidding commences, with the high bidder in round two choosing a property, which is then deleted from the group and so on, until all properties are sold.
Blowout: The uncontrolled flow of gas, oil or other fluids from a well.
Blowout preventer (BOP): The equipment installed at the wellhead to control pressures in the annular space between the casing and drill pipe or tubing during drilling, completion, and workover operations. Also see Christmas tree.
Blurring: Double or out-of -focus image that occurs when an image has been misprinted due to faulty alignment of paper and inked roller.
Bon a Tirer or B.A.T: (French, "good for printing") The artist's notation in the margin which is his approval that this print is the final contender in a series of trial proofs that meets his expectations for the whole edition. For the printer this is the key work-sheet. It is his absolute reference point for the technical execution of every print, which must have no variations, and which is compared against this B.A.T. line for line, color for color.
Brine: See produced water.
British thermal unit (BTU): A measure of the heating value of a fuel.
Brochure: A publication advertising and describing the items available for sale at public auction, including photographs, item descriptions, and the terms and conditions of the sale.
Broker Participation: An arrangement for third-party brokers to register potential bidders for properties being sold at auction for a commission paid by the owner of the property or the auction firm.
Build Out: The construction or improvements of the interior of a space, including flooring,walls, finished plumbing, electrical work, etc.
Building Permit: Written government permission to develop, renovate, or repair a building.
Buyer`s Premium: An advertised percentage added to the high bid to determine the total price to be paid by the buyer.
Cancellation Clause: A provision in a contract (e.g., lease) that confers the ability of one in the lease to terminate the party's obligations. The grounds and ability to cancel are usually specified in the lease.
Cancelled Plate: When the printing run is completed, the print matrix is defaced, altered or cancelled in some way (e.g. lines drawn through the image) as a safeguard that the plate will not be resurrected for future editions. A cancellation impression is taken as a visual guarantee of the cancelled plate.
Cap Rate: The discount rate used to determine the present value of a stream of future earnings. Typically this will be an appropriate risk-free return plus a premium to reflect the risk of that specific investment.
In real estate, the rate of return on a property.
Capital Contribution: The total cash contribution which a joint venturer makes to the joint venture, including assessments.
Capital Improvement: Any major physical development or redevelopment to a property that extends the life of the property. Examples include upgrading the elevators, replacement of the roof, and renovations of the lobby.
Capital Working Interest: The portion of the working interest which is not required to pay its pro rata share of drilling, testing and/or completion and equipment costs.
Captial Costs: All of the costs incurred by the joint venture in drilling, testing, completing, and equipping the venture well. Includes any pipelines built to the venture well, which costs are required to be capitalized for federeal income tax purpuses, including any dry hole tangible costs but excluding any intangible completion costs, geological and geophysical costs, and operating costs.
Cashier: The person who does the accounting at an auction.
Casing: Metal pipe inserted into a wellbore and cemented in place to protect both subsurface formations (such as groundwater) and the wellbore. A surface casing is set first to protect groundwater. The production casing is the last one set. The production tubing (through which hydrocarbons flow to the surface) will be suspended inside the production casing.
Catalogue Raisonne: A systematic and comprehensive compendium containing all the known works of an artist. "Raisonne" denotes that every piece has been thoroughly and accurately appraised and described, as well as illustrated whenever possible. Title, dimensions, date, techniques, states, edition anomalies, printer, publisher etc. are meticulously recorded and assigned a permanent reference number: an indispensable aid for the collector, student and professional.
Certificate of Occupancy (CO): The government issues this official form, which states that the building is legally ready to be occupied.
Chattel: Household goods, including personal property such as lamps, desks, and chairs.
Christmas tree: The assembly of valves, pipes, and fittings used to control the flow of oil and gas from a well.
Clerk: The person who records what is sold and to whom and for what price.
Clipped (also "trimmed"): The reduction of the original margins of a print, often too close to the printed area, especially in early intaglio prints, where the image may have been so trimmed that the plate marks have been removed. Such transgressions are "forgiven" with incunabula. However, Whistler personally clipped most of his prints in a radical fashion, while some contemporary artists deliberately use over- large margins, so that artist's intent comes into play here too.
Code: The Internal Revenue Code of 1986, as amended.
Coiled tubing: A long, small diameter pipe flexible enough to be stored on and deployed from a large, truck-mounted roll. Used to replace jointed pipe in certain types of drilling, completion, and workover operations.
Collusion: The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value or when the auctioneer accepts a fictitious bid on behalf of the seller so as to manipulate or inflate the price of the property.
Color Print: A print produced in color by (i) using a separate matrix for each color (ii) by hand inking separate areas of the single plate (iii) by forcing the color application through a stencil or (iv) by using inks of different viscosities. Colors can be printed side by side, or overprinted. Usually colors are printed from light to dark, but often the blues are printed first.
Colored Print: After the printing process, a print with color applied by free hand or with the use of a stencil.
Commission: The fee charged to the seller by the auctioneer for providing services, usually a percentage of the gross selling price of the property established by contract (the listing agreement) prior to the auction.
Common Area Maintenance (CAM): This is the amount of additional rent charged to the tenant, in addition to the base rent, to maintain the common areas of the property shared by the tenants and from which all tenants benefit. Examples include: snow removal, outdoor lighting, parking lot sweeping, insurance, property taxes, etc. Most often, this does not include any capital improvements that are made to the property.
Company Owned Life Insurance (COLI): A type of life insurance policy taken out by a company on the lives of employees whom the company considers to be of vital importance to its operations. Under this type of plan, the company in question pays the premium on the insurance but is also the plan's primary beneficiary. There are a few reasons why a company would take a life insurance policy out on key employees. For one, the tax-free proceeds that are received after the death of a key person can be used to cover any costs that would arise when hiring that individual's replacement. The insurance policy can also be used to cover employee benefit liabilities. However, the most notable benefit to a company that institutes a COLI policy comes from the benefit to after-tax net income. This benefit arises when the cash value of the policy becomes larger than the premiums paid. According to an industry survey conducted in 1999 and cited by New York Life Insurance Company, 68% of the Fortune 1000 companies use COLI programs.
Completion: After a well is drilled and the decision is made to complete it, a number of things must be done. The well must be cleaned out, setting the casing and tubing into the hole, adding surface equipment (pumps, tanks, meters) and perforating the casing so that oil or gas can flow into the well and be brought to surface. Once a well is completed, it is ready to produce oil or gas.
Compressor: An engine used to increase the pressure of natural gas so that it will flow more easily through a pipeline.
Conditions of Sale: The legal terms that govern the conduct of an auction, including acceptable methods of payment, terms, buyer's premiums, possession, reserves and any other limiting factors of an auction. Usually included in published advertisements or announced by the auctioneer prior to the start of the auction.
Contiguous: Touching at some point or along a boundary.
Contingency: A requirement in a contract that must occur before that contract can be finalized.
Contract: A legal agreement between entities that requires each to conduct (or refrain from conducting) certain activities. This document provides each party with a right that is enforceable under our judicial system.
Cooperating Broker: A real estate broker who registers a prospective buyer with Auction Company, in accordance with the terms and conditions for that auction. The broker is paid a commission only if his prospect is the high bidder and successfully closes on the property. Also known as a participating broker.
Covenants: Wording found in deeds that limits/restricts the use to which a property may be put (e.g., no bars).
Daily Drilling report: A record made each day of the operations on a working drilling rig and, traditionally, phoned, faxed, emailed, or radioed in to the office of the drilling company and possibly the operator every morning.
Dampener: An air or inert gas device that minimizes pressure surges in the output line of a mud pump. Sometimes called a surge dampener.
Day Tour: (pronounced "tower") In areas where two 12-hour tours are worked, a period of 12 hours, usually during daylight, worked by a drilling or workover crew when equipment is being run around the clock.
Daylight Tour: (pronounced "tower") In areas where three eight-hour tours are worked, the shift of duty on a drilling rig that starts at or about daylight. Compare evening tour, morning (graveyard) tour.
Deacidify: To chemically stabilize acid paper products in a dry or liquid bath treatment.
Deadline: The drilling line from the crown block sheave to the anchor, so called because it does not move. Compare fast line.
Deadline Anchor: See deadline tie-down anchor.
Deadline Sheave: The sheave on the crown block over which the deadline is reeved.
Deadline Tie-Down Anchor: A device to which the deadline is attached, securely fastened to the mast or derrick substructure. Also called a deadline anchor.
Death Benefit: The amount on a life insurance policy or pension that is payable to the beneficiary when the annuitant passes away. Also known as "survivor benefit". A death benefit may be a percentage of the annuitant's pension. For example, a beneficiary might be entitled to 65% of the annuitant's monthly pension. Alternatively, the benefit may be a large lump-sum payment from a life insurance policy. The size and structure of the payment is determined by the type of policy the annuitant held at the time of death.
Deck: Floor.
Deed: A signed, written instrument that conveys title to real property.
Deed Restriction: An imposed restriction in a deed that limits the use of the property. For example, a restriction could prohibit the sale of alcoholic beverages.
Default: Failure to fulfill a promise, discharge an obligation, or perform certain acts.
Degasser: The equipment used to remove unwanted gas from a liquid, especially from drilling fluid.
Delineavit: From Latin, with abbreviations of delin., delt., del.="he drew". Lettering on a print to denote the conceptual creative artist of the piece.
Delivery: Transfer something from one entity to another.
Density: The mass or weight of a substance per unit volume. For instance, the density of a drilling mud may be 10 pounds per gallon, 74.8 pounds/cubic foot, or 1,198.2 kilograms/cubic meter. Specific gravity, relative density, and API gravity are other units of density.
Density Log: A special radioactivity log for open-hole surveying that responds to variations in the specific gravity of formations. It is a contact log (i.e., the logging tool is held against the wall of the hole). It emits neutrons and then measures the secondary gamma radiation that is scattered back to the detector in the instrument. The density log is an excellent porosity-measure device, especially for shaley sands. Some trade names are Formation Density Log, Gamma-Gamma Density Log, and Densilog.
Derrick: A large load-bearing structure, usually of bolted construction. In drilling, the standard derrick has four legs standing at the corners of the substructure and reaching to the crown block. The substructure is an assembly of heavy beams used to elevate the derrick and provide space to install blowout preventers, casingheads, and so forth.
Derrick Floor: Also called the rig floor.
Derrickhand: The crew member who handles the upper end of the drill string as it is being hoisted out of or lowered into the hole. On a drilling rig, he or she may be responsible for the circulating machinery and the conditioning of the drilling or workover fluid.
Derrickman: See derrickhand.
Desander: A centrifugal device for removing sand from drilling fluid to prevent abrasion of the pumps. It may be operated mechanically or by a fast-moving stream of fluid inside a special cone-shaped vessel, in which case it is sometimes called a hydrocyclone.
Desilter: A centrifugal device, similar to a desander, used to remove very fine particles, or silt, from drilling fluid to lower the amount of solids in the fluid.
Development well: A well drilled within the proved area of an oil or gas reservoir to the depth of a stratigraphic horizon known to be productive; a well drilled in a proven field for the purpose of completing the desired spacing pattern of production.
Diamond Bit: A drill bit that has small industrial diamonds embedded in its cutting surface.
Die Insert: A removable, hard-steel, serrated piece that fits into the jaws of the tongs and firmly grips the body of the drill pipe, drill collars, or casing while the tongs are making up or breaking out the pipe.
Dies: A tool used to shape, form, or finish other tools or pieces of metal. For example, a threading die is used to cut threads on pipe.
Diesel Engine: A high-compression, internal-combustion engine used extensively for powering drilling rigs. In a diesel engine, air is drawn into the cylinders and compressed to very high pressures; ignition occurs as fuel is injected into the compressed and heated air. Combustion takes place within the cylinder above the piston, and expansion of the combustion products imparts power to the piston.
Diesel Fuel: A light hydrocarbon mixture for diesel engines; it has a boiling range just above that of kerosene.
Diesel-Electric Power: The power supplied to a drilling rig by diesel engines driving electric generators.
Dipmeter Log: See dipmeter survey.
Dipmeter Survey: An oilwell-surveying method that determines the direction and angle of formation dip in relation to the borehole. It records data that permit computation of both the amount and direction of formation dip relative to the axis of the hole and thus provides information about the geologic structure of the formation. Also called dipmeter log or dip log.
Directional Drilling: Intentional deviation of a wellbore from the vertical. Although wellbores are normally drilled vertically, it is sometimes necessary or advantageous to drill at an angle from the vertical. Controlled directional drilling makes it possible to reach subsurface areas laterally remote from the point where the bit enters the earth.
Directional Hole: A wellbore intentionally drilled at an angle from the vertical. See directional drilling.
Displacement Fluid: In well cementing, the fluid, usually drilling mud or salt water, that is pumped into the well after the cement is pumped into it to force the cement out of the casing and into the annulus.
Dissolved Gas: Natural gas that is in solution with crude oil in the reservoir.
Dissolved-Gas Drive: A source of natural reservoir energy in which the dissolved gas coming out of the oil expands to force the oil into the wellbore. Also called solution-gas drive. See reservoir drive mechanism.
Doghouse: A small enclosure on the rig floor used as an office and/or as a storehouse for small objects. Also, any small building used as an office or for storage.
Dogleg: 1. An abrupt change in direction in the wellbore, frequently resulting in the formation of a keyseat. 2. A sharp bend permanently put in an object such as a pipe, wire rope, or a wire rope sling.
Double: A length of drill pipe, casing, or tubing consisting of two joints screwed together.
Double Image: A printing error caused by misalignment of successive overprinting plates in the coloration process. Can also happen when there is slippage of the paper or press underfelt.
Down Payment: The part of the purchase price paid in cash up front, reducing the amount of the loan or mortgage.
Downhole: A term used to describe tools, equipment, and instruments used in the wellbore, or conditions or techniques applying to the wellbore.
Downhole Motor: A drilling tool made up in the drill string directly above the bit. It causes the bit to turn while the drill string remains fixed. It is used most often as a deflection tool in directional drilling, where it is made up between the bit and a bent sub (or, sometimes, the housing of the motor itself is bent). Two principal types of downhole motor are the positive-displacement motor and the downhole turbine motor.
Downstream: When referring to the oil and gas industry, this term indicates the refining and marketing sectors of the industry. More generically, the term can be used to refer to any step further along in the process.
Drawworks: The hoisting mechanism on a drilling rig. It is essentially a large winch that spools off or takes in the drilling line and thus lowers or raises the drill stem and bit.
Drawworks Brake: The mechanical brake on the drawworks that can slow or prevent the drawworks drum from moving.
Drawworks Drum: The spool-shaped cylinder in the drawworks around which drilling line is wound or spooled.
Drill: To bore a hole in the earth, usually to find and remove subsurface formation fluids such as oil and gas.
Drill Ahead: To continue drilling operations.
Drill Bit: The cutting or boring element used in drilling oil and gas wells. Most bits used in rotary drilling are roller-cone bits. The bit consists of the cutting elements and the circulating element. The circulating element permits the passage of drilling fluid and utilizes the hydraulic force of the fluid stream to improve drilling rates.
Drill Collar Sub: A sub made up between the drill string and the drill collars that is used to ensure that the drill pipe and the collar can be joined properly.
Drill Collars: A heavy, thick-walled tube, usually steel, used between the drill pipe and the bit in the drill stem, used to stiffen the drilling assembly an put weight on the bit so that the bit can drill.
Drill cuttings: The small pieces of rock created as a drill bit moves through underground formations while drilling.
Drill Floor: Also called rig floor or derrick floor. See rig floor.
Drill In: To penetrate the productive formation after the casing is set and cemented on top of the pay zone.
Drill Pipe: The heavy seamless tubing used to rotate the bit and circulate the drilling fluid. Joints of pipe are generally approximately 30 feet long are coupled together by means of tool joints.
Drill Stem: All members in the assembly used for rotary drilling from the swivel to the bit, including the kelly, the drill pipe and tool joints, the drill collars, the stabilizers, and various specialty items. Compare drill string.
Drill Stem Test (DST): A method of formation testing. The basic drill stem test tool consists of a packer or packers, valves or ports that may be opened and closed from the surface, and two or more pressure-recording devices. The tool is lowered on the drill string to the zone to be tested. The packer or packers are set to isolate the zone from the drilling fluid column.
Drill String: The column, or string, of drill pipe with attached tool joints that transmits fluid and rotational power from the kelly to the drill collars and the bit. Often, the term is loosely applied to include both drill pipe and drill collars.
Drillable: Pertaining to packers and other tools left in the wellbore to be broken up later by the drill bit. Drillable equipment is made of cast iron, aluminum, plastic, or other soft, brittle material.
Drillable Packer: A permanent packer that can only be removed by drilling it out.
Driller: The employee normally in charge of a specific (tour) drilling or workover crew. The driller’s main duty is operation of the drilling and hoisting equipment, but this person may also be responsible for downhole condition of the well, operation of downhole tools, and pipe measurements.
Driller`s Console: The control panel, where the driller controls drilling operations.
Driller’s Position: The area immediately surrounding the driller’s console.
Drilling Contract: An agreement made between a drilling company and an operating company to drill a well. It generally sets forth the obligation of each party, compensation, identification, method of drilling, depth to be drilled, and so on.
Drilling Crew: A driller, a derrickhand, and two or more helpers who operate a drilling or workover rig for one tour each day.
Drilling Engine: An internal-combustion engine used to power a drilling rig. These engines are used on a rotary rig and are usually fueled by diesel fuel, although liquefied petroleum gas, natural gas, and, very rarely, gasoline can also be used.
Drilling Engineer: An engineer who specializes in the technical aspects of drilling.
Drilling Fluid: Circulating fluid, one function of which is to lift cuttings out of the wellbore and to the surface. It also serves to cool the bit and to counteract downhole formation pressure.
Drilling Hook: The large hook mounted on the bottom of the traveling block and from which the swivel is suspended.
Drilling Line: A wire rope hoisting line, reeved on sheaves of the crown block and traveling block (in effect a block and tackle), the primary purpose of which is to hoist or lower drill pipe or casing from or into a well.
Drilling Mud: A specially compounded liquid circulated through the wellbore during rotary drilling operations. See drilling fluid, mud.
Drilling Out: The operation during the drilling procedure when the cement is drilled out of the casing.
Drive Bushing: See kelly bushing.
Drive Chain: A chain by means of which a machine is propelled.
Drive Pipe: See conductor casing.
Drive-in Unit: A type of portable service or workover rig that is self-propelled, using power from the hoisting engines. The driver’s cab and steering wheel are mounted on the same end as the mast support; thus the unit can be driven straight ahead to reach the wellhead.
Drum (rope): A rotating cylinder with side flanges on which wire or other rope used in machine operation is wrapped.
Dry gas: The volume of gas remaining after all water and natural gas liquids have been removed.
Dry hole: Any exploratory or development well that does not find commercial quantities of hydrocarbons.
Dual Completion: A single well that produces from two separate formations at the same time. Production from each zone is segregated by running two tubing strings with packers inside the single string of production casing, or by running one tubing string with a packer through one zone while the other is produced through the annulus. In a miniaturized dual completion, two separate casing strings are run and cemented in the same wellbore.
Due Diligence: The process of gathering information about the condition and legal status of assets to be sold.
Dump Bailer: A bailing device with a release valve, usually of the disk or flapper type, used to place, or spot, material (such as cement slurry) at the bottom of the well.
E&P: Exploration and production. The 'upstream' sector of the oil and gas industry.
Ejectment: Action to regain possession or real property. This is a last-ditch effort that is used when there is no relationship between landlord and tenant.
Embossing: Pressure printing of an image without ink (a.k.a "blind" embossing") to produce a raised three dimensional effect (Also, a "cast paper print").
Eminent Domain: The government's right to condemn and acquire property for public use. The government must provide the owner fair compensation.
Endorsement: Signing one's name on the back of a check.
Engrave: In print design or image creation, cutting the lines directly into wood, metal, stone or lucite with a graver, burin or electric engraving tool.
Enhanced oil recovery (EOR): Refers to a variety of processes to increase the amount of oil removed from a reservoir, typically by injecting a liquid (e.g., water, surfactant) or gas (e.g., nitrogen, carbon dioxide).
EP - "editor`s proof": A print impression reserved for the editors, or cromists, who assisted in the creation of the edition with the artist.
Equity: Ownership interest in a corporation in the form of common stock or preferred stock. It also refers to total assets minus total liabilities, in which case it is also referred to as shareholder's equity or net worth or book value. In real estate, it is the difference between what a property is worth and what the owner owes against that property (i.e. the difference between the house value and the remaining mortgage or loan payments on a house). In the context of a futures trading account, it is the value of the securities in the account, assuming that the account is liquidated at the going price. In the context of a brokerage account, it is the net value of the account, i.e. the value of securities in the account less any margin requirements.
Ownership interest in a corporation in the form of common stock or preferred stock.
Total assets minus total liabilities; here also called shareholder's equity or net worth or book value.
The value of a property minus the owner's outstanding mortgage balance.
Fairness in law.
Escrow: A written agreement among parties, requiring that certain property/funds be placed with a third party. The object in escrow is released to a designated entity upon completion of some specific occurrence.
Estate Sale: The sale of property left by a person at his or her death. An estate auction can involve the sale of personal and/or real property.
Estoppel Certificate: A legal instrument executed by the one taking out the mortgage (i.e., mortgagor). The owner of a property may require an individual leasing a property to sign an estoppel certificate, which verifies the major points (e.g., base rent, lease commencement and expiration) existing lease between the landlord and tenant.
Eviction (Actual): Physical removal of a tenant either by law or force.
Eviction (Constructive): The landlord or his agents disturb the tenant, rendering the leased space unfit for the tenant's previous use.
Eviction (Proceeding): A legal proceeding by the landlord to remove a tenant.
Exclusive Agency: An agreement in which one broker has exclusive rights to represent the owner or tenant. If another broker is used, both the original and actual broker are entitled to leasing.
Execudit: Lettering on a print, from Latin meaning "he issued", or published.
Exploratory well: A hole drilled: a) to find and produce oil or gas in an area previously considered unproductive area; b) to find a new reservoir in a known field, i.e., one previously producing oil and gas from another reservoir, or c) to extend the limit of a known oil or gas reservoir.
Face Value: The face value of a life insurance policy is the death benefit. In the case of so-called "double indemnity" life insurance policies, the beneficiary receives double the face value in case of accidental death.
Facsimile: In the 19thC, skilled workshops were set up to faithfully recreate (but not "interpret") hand-worked images such as paintings for mass distribution. The primary technique they used was wood engraving (see also Xylograph). This highly organized, labor intensive factory method of reproduction was dealt a deadly blow with the advent of photography.
Fading: The progressive deterioration of the color or color balance of an image because of light exposure.
Fecit: Lettering on a print, from Latin meaning "he made", usually referring to the engraver or etcher who worked the image onto the plate.
Fiduciary: A person who represents another on financial/property matters.
Field: An area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both the surface and the underground productive formations.
Fillet: In framing, any spacer device that is placed between the paper and the glass to prevent contact.
Fixtures: Personal property so attached the land or building (e.g., improvements) it is considered part of the real property.
Foreclosure: The legal process by which an owner's right to a property is terminated, usually due to default. Typically involves a forced sale of the property at public auction, with the proceeds being applied to the mortgage debt.
Formation damage: The reduction in permeability in reservoir rock due to the infiltration of drilling or treating fluids into the area adjacent to the wellbore.
Foul Biting: In etching, an overbitten area in which the metal surface becomes so eaten away or the lines undercut in the acid bath that the image loses definition and eventually crumbles. Foul biting usually occurs because of lines being etched too close together, or the acid solution being too aggressive or the acid bath timing being miscalculated, or the etching ground being poorly prepared or applied. However, it can also be used with artistic intent, because of the resultant dramatic grain in the exposed area when printed.
Foxing: Yellow to brownish spots (a mold) which can appear over time on paper, caused by impurities in the paper reacting with atmospheric conditions, particularly humidity, and exacerbated by non-conservation framing. Often easy to restore.
Frac: A method used to increase the deliverability of a (Fracturing) production or underground storage well by pumping a liquid or other substance into a well under pressure to crack (fracture) and prop open the created fracture with sand to provide a conduit for the hydrocarbons to easily travel from considerable distances out in the reservoir into the well bore.
Fracturing: The application of hydraulic pressure to the reservoir formation to create fractures through which oil or gas may move to the wellbore.
Gas-to-Liquids (GTL): The conversion of natural gas to a liquid form so that it can be transported easily. Typically, the liquid is converted back to natural gas prior to consumption.
Giclee: Translated from French as "sprayed ink," this is sophisticated print making process. It is capable of producing millions of colors using continuous-tone technology. This can also be called an Iris print. These are often made from photographic images of paintings in order to produce high quality, permanent reproductions. The extra fine image resolution permits retention of a high degree of fine detail and allows deeply saturated coloring. It is also used for reproducing fine art photography. This is an economical way for artists to produce small quantities of limited editions.
Gouge: A V or U shaped cutting tool used for wood and lino cuts.
Grace Period: Additional time allowed to complete an action (e.g., make a payment) before a default or violation occurs.
Grain: The surface of wood, stone or paper, which must be taken into account and accommodated before the work begins. Also: The general patterned effect of etched or aquatinted or otherwise dotted areas in the printed result.
Graphics: A generic term applied not only to line drawings, but also to all categories of original prints.
Gravity: A standard adopted by the American Petroleum Institute for measuring the density of a liquid. Gravity is expressed in degrees with lower numbers indicating heavier liquids and higher numbers indicating lighter liquids.
Grisaille: A work rendered in monochromes (French: "grey").
Gross Lease: A lease of property whereby the landlord (i.e., lessor) pays for all property charges usually included in ownership. These charges can include utilities, taxes, and maintenance, among others.
Half Tone: Gradations in the dark-light continuum achieved on the printing plate using specialized tools, techniques and/or chemical solutions. (See also aquatint, sugar lift, dotted manner, splatter technique.)
Hand Embellished: Limited edition prints that the artist has taken aside and highlighted features of the work or added new material to the print. They are signed and more valuable than a standard signed print.
HC or Hors Commerce: Prints in an edition designated as "not for retail". Usually reserved for the publisher and shouldn't exceed 5% of the total edition size.
Heliograph or Heliogravure: A photomechanical process used to create an intaglio plate by applying a photosensitive gel to the plate, which is then exposed to light.
Holdover Tenant: A tenant who remains in possession of leased property after the lease term expiration.
Impression: A print taken from a plate, stone or wood block.
Impressit (also Imp): Lettering on a print, from Latin that denotes "he printed".
Incidit (also Incid. Inc.): Lettering on a print, from Latin that denotes "he engraved".
Income: For corporations, revenues minus cost of sales, operating expenses, and taxes, over a given period of time. Income is the reason corporations exist, and are often the single most important determinant of a stock's price. Income is important to investors because they give an indication of the company's expected futuredividends and its potential for growth and capital appreciation. That does not necessarily mean that low or negative earnings always indicate a bad stock; for example, many young companies report negative income as they attempt to grow quickly enough to capture a new market, at which point they'll be even more profitable than they otherwise might have been. also called earnings.
Incompetent: An individual who is unable to handle his own affairs by reason of some medical condition (e.g., insanity, Alzheimer's).
Incunabula: (from Latin "cradle") Prints from the earliest historical stages or waypoints of print development, such as the "Nurnburg Chronicles" and its moveable type. Any printed work before 1500 is generally referred to as incunabula.
Inking: The process of applying ink to the relief areas of a woodblock, the incised parts of an intaglio plate, the grease markings on a litho stone, or the scraper method in silkscreen.
Instrument: A written legal document created to secure the rights of the parties participating in the agreement.
Insurance: A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays the rest. Examples include car insurance, health insurance, disability insurance, life insurance, and business insurance.
Insurance Premium: The specified amount of payment required periodically by an insurer to provide coverage under a given insurance plan for a defined period of time. The premium is paid by the insured party to the insurer, and primarily compensates the insurer for bearing the risk of a payout should the insurance agreement's coverage be required.
Intaglio: The printing process whereby the image is lifted under the great pressure of the press from the ink pocketed in the engraved or etched grooves of a metal plate, and thereby transferred onto dampened paper which has been placed over the plate.
Intangible Completion Costs: All of the costs incurred by the joint venture in completing of the oil and gas well to be drilled by the joint venture which are to be paid by the joint venture and which may be deducted for federal income tax purposes to the exercise of the option provided under Section 263(c) of the Code.
Intangible Drilling Costs: All of the costs incurred by the joint venture in drilling of the oil and gas well to be drilled by the joint venture which are to be paid by the joint venture and which may be deducted for federal income tax purposes to the exercise of the option provided under Section 263(c) of the Code.
Integrated: When applied to an oil company, it indicates a firm that operates in both the upstream and downstream sectors (from exploration through refining and marketing).
Interest Rate: A rate which is charged or paid for the use of money. An interest rate is often expressed as an annual percentage of the principal. It is calculated by dividing the amount of interest by the amount of principal. Interest rates often change as a result of inflation and Federal Reserve policies. For example, if a lender (such as a bank) charges a customer $90 in a year on a loan of $1000, then the interest rate would be 90/1000 *100% = 9%.
Inventit (also Inv. or In.): Lettering on a print, from Latin to denote "he designed" (the concept).
Irrevocable: Incapable of being altered, changed, or recalled.
Japan Paper: A soft but strong and resilient tissue from the Orient used for mounting as well as for printing.
Joint Life With Last Survivor Annuity: An insurance product that, when annuitized, makes payments to the annuitant, the annuitant and his/her spouse, or the annuitant and another beneficial party until both the annuitant and his/her spouse have passed away. These annuities are not term certain, so they continue paying out to the annuitant, and whoever he or she designates to receive payments, until the death of the annuitant and the designated third party. The annuitant may also designate a beneficiary, who can, but doesn't have to be the same person as the designated third party.
Joint Survivorship Life Insurance: A type of life insurance policy that insures the lives of two people, typically a husband and wife. The death benefit proceeds are payable upon the second death and used to satisfy the estate tax. Available as either Whole Life or Universal Life, these policies feature premiums that are often less expensive than buying two separate policies. Also referred to as Joint and Last Survivorship Life Insurance or Survivorship Life Insurance.
Joint Tenancy: Ownership of real property by two or more individuals, each of whom has an undivided interest with the right of survivorship.
Joint Venture: Term used to describe a specific oil and gas investment project.
Joint Venturers: Any persons, firms, corporations or other entities that are admitted into a joint venture either as additional or substitute joint venturers and that are then owners of a unit or units in a joint venture.
Judgement: A formal decision issued by a court relating to the specific claims and rights of the parties to an act or suit.
Key Block: The primary or master block, which contains the main outlines of the image. This anchor image is progressively filled in with the overprinting of other blocks in different colors.
Laid Paper: Hand made paper with the characteristic parallel grid pattern (the impression from the interwoven mould or matrix used in the paper making process). Imitated in machine- produced paper via the cylindrical "dandy roll".
Landlord: One who rents property to a tenant.
Lease: A legal document conveying the right to drill for oil and gas, or the tract of land on which a lease has been obtained where the producing wells and production equipment are located.
Lease (Commercial): A contract whereby the landlord grants the tenant the right to occupy defined space for a set period at a specific price (i.e., rent).
Leasehold: The estate or interest a tenant has as stated in the tenant's lease.
Lessee: An individual (i.e., tenant) to whom property is rented under a lease.
Lessor: An individual (i.e. landlord) who rents property to a tenant via a lease.
Letter of Intent (LOI): An informal, usually non-binding, agreement among parties indicating their serious desire to move forward with negotiations.
Lettering: All the original printed inscriptions on the print relating to the image, such as "inventit"', "impressit", copyright, perhaps even the original dealer's name, etc.
Letterpress: Generic category for all forms of relief printing, as a distinct grouping from lithography, screen printing etc.
Life Annuity: An insurance product that features a predetermined periodic payout amount until the death of the annuitant. These products are most frequently used to help retirees budget their money after retirement. Typically, the annuitant pays into the annuity on a periodic basis when he or she is still working. However, annuitants may also buy the annuity product in one large purchase. When the annuitant retires, the annuity makes periodic (usually monthly) payouts to the annuitant, providing a reliable source of income. When a triggering event (such as death) occurs, the periodic payments from the annuity usually cease. Because of the complex nature of annuity products and their implications for the annuitant's standard of living, people are well advised to consult a reputable professional before purchasing any annuity product. Due to the tax-preferred nature of annuities, very wealthy investors or above-average income earners often use these life insurance products to transfer large sums of money or to mitigate the effects of taxes on their annual income.
Life Expectancy: Also referred to as the average life span. It is used mainly by insurance companies to determine your premium. The IRS life expectancy tables are used to calculate the RMD for retirement account owners and their beneficiaries.
Life Insurance: A protection against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured. The goal of life insurance is to provide a measure of financial security for your family after you die. So, before purchasing a life insurance policy, you should consider your financial situation and the standard of living you want to maintain for your dependents or survivors. For example, who will be responsible for your funeral costs and final medical bills? Would your family have to relocate? Will there be adequate funds for future or ongoing expenses such as daycare, mortgage payments and college? It is prudent to re-evaluate your life insurance policies annually or when you experience a major life event like marriage, divorce, the birth or adoption of a child, or purchase of a major item such as a house or business.
Life Settlement: The selling of one's life insurance policy to a third party for a one time cash payment. The purchaser then becomes the beneficiary of the policy and begins paying the premiums. Typically the purchaser is an experienced institutional investor, and policies will have face amounts in excess of $250,000. A life settlement is similar to a "viatical settlement". Life settlements are usually only done when the insured person doesn't have a known life-threatening illness. They are often done with "key individual" insurance policies held by companies on executives who no longer work there; the company has a chance to cash out on a policy that was previously illiquid. Sometimes people outgrow their need for a specific life insurance policy, and a life settlement may offer the chance to gain more than the policy's cash surrender value.
Lifting costs: The cost of producing oil from a well or lease.
Light Staining: With prolonged exposure to light an artwork will deteriorate and can acquire a darkened and/or stained appearance.
Linocut: Print taken from an incised linoleum tile using the planographic printing method.
Listing: An employment contract between principal and agent that authorizes the agent (such as a broker) to perform services for the principal and his property.
Listing Agreement: A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement and the rights and responsibilities of each party.
Listing Broker: A real estate broker who has a listing on a property and cooperates with the auction company by allowing the auction agreement to supersede his/her listing agreement.
Lith: Lith.: Lettering on a print, abbreviation of "lithographit" (from Latin = "he drew on stone".)
Lithograph: Printing process from a prepared flat stone, metal or plastic plate. A drawing is made on the surface with a crayon or tusche (black liquid used most with a brush or pen, lithographic ink), then washed with water. When ink or pigment is applied to the plate, it sticks to the greasy sections of the plate (represented by the crayon or tusche) allowing a print to be made. The artist or a print maker under the artist's supervision then covers the plate with paper or fabric and runs it through a press. Color is transferred. Each color is applied by a seperate plate in the process.
Lithotint: A lithographic technique that imitates a wash drawing.
Log: To conduct a survey inside a borehole to gather information about the subsurface formations; the results of such a survey. Logs typically consist of several curves on a long grid that describe properties within the wellbore or surrounding formations that can be interpreted to provide information about the location of oil, gas, and water. Also called well logs, borehole logs, wireline logs.
Loss: A reduction in the value of an investment.
A condition in which a company's expenses exceed its revenues. Opposite of profit.
Loss Factor: What percentage of the gross area of a space is lost due to walls, elevator, etc. Rule of thumb in Manhattan is approximately 15%.
Lot: An item or grouping of items to be sold at auction.
Maculature: Pulling a second proof without re-inking the plate in order to thoroughly clear away residual ink.
Mandatory: A requirement that must be conformed to as specified in any written document.
Mark: A personal logo that serves as the artist's signature on a print (Whistler used a butterfly as his mark). Also: a stamp or collector's mark that identifies the previous owner of a print, often au verso.
Market Price: The actual selling or leasing price of a property.
Market Value: The expected price that a property should bring if exposed for lease in the open market for a reasonable period of time and with market savvy landlords and tenants.
Matte (also Passepartout): A cardboard or paper, ideally of conservation or archival quality, with a cutout window that frames the print and protects it from touching the glass as well as providing an aesthetic element.
Maturity: The date on which a debt becomes due for payment. Also called maturity date.
MCF: Abbreviation for a thousand cubic feet of natural gas.
Meeting of the Minds: When all individuals to a contract agree to the substance and terms of that contract.
Mezzotint: Intaglio printing process which works from dark to light: the whole surface is roughened with spiked rockers whose action pits the metal from all angles and provides a stubbled background that prints as a rich and velvety black. Stage two of the process involves bringing forth an image using a burnisher and scraper, which now flattens different areas of the rough burr background. When printed this creates dramatic areas of highlight and half ton, which defines the image.
Midstream: A term sometimes used to refer to those industry activities that fall between exploration and production (upstream) and refining and marketing (downstream). The term is most often applied to pipeline transportation of crude oil and natural gas.
Minimum Opening Bid: The lowest acceptable amount at which the bidding must commence.
Minor: A person under a legal age, usually under 18 years old.
MMCF: Abbreviation for a million cubic feet of natural gas.
