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| Pro tanto
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Partial fulfillment. Pro tanto is normally used in relation to the partial satisfaction of a claim. |
| Pro-rate
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To allocate proportionate shares of income (such as rents) or of an obligation (such as taxes and insurance premiums), paid or due, between seller and buyer at closing. |
| Probate court
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Court having the responsibility of performing probate of wills and administering estates. In certain states, a probate court can appoint guardians for minor children of an estate. |
| Probate or prove
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Process of establishing the validity of a will in court. Probate court than administers the will as directed or as authorized by the court to settle financial obligations. |
| Process heat
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Thermal energy that is used in agricultural and industrial operations. |
| Process time
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Time needed for performance of an operation through to completion. |
| Processing fee
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Fee charged by most lenders to pay for gathering the information necessary to process the loan. |
| Proctor test
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Test which is done to determine the best moisture content of soil to properly compact. The soil is oven dried, weighed and then water is added gradually and the soil is compressed. Determination of water quantity, necessary for maximum soil density, is obtained this way. |
| Procurement
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Purchasing of services or materials. |
| Procuring cause
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Legal term, which means the cause resulting in accomplishing a goal Used in determining whether a broker is entitled to a commission. |
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