Code of Ethics - A code of ethics is a blueprint for developing a culture of values in an organization. A code consists of a clearly stated and written set of guidelines that managers, employees, and agents of an organization must follow. A code of ethics is a reference tool that provides guidance to both employees and managers on how to implement and practice business ethics in the workplace. A code should embody both business standards (such as customer satisfaction, a high quality of products, safety, and employee rights) and values (such as mutual trust, respect, and honesty).C147
Collective agreement - term used for agreements made between employees and employers, usually involving trade unions. They often cover more than one organization. Although these can be seen as contracts, they are governed by employment law, not contract law.
COBRA - Refers to the Consolidated Omnibus Budget Reconciliation Act, the federal law that allows employees, spouses, and dependent children to continue participating in group health insurance plans, at the employee’s expense, when the employer has 20 or more employees, after a “qualifying event” that causes the employee (or dependents) to lose group health coverage. Qualifying events for employees may be a reduction in number of hours worked or termination for reasons other than gross misconduct. Employee coverage may continue for up to 18 months. For spouses or dependent children, COBRA qualifying events may include any of the employee events in addition to employee divorce, death, or eligibility for Medicare. Spouse/dependent child COBRA coverage can continue up to 36 months. Employees of companies with less than 20 employees who participated in a company’s group health plan may be eligible for up to six months of continuation coverage under applicable state laws.
Comfort letters - documents issued to back up an agreement but which do not have any contractual standing. They are often issued by a parent or associate company stating that the group will back up the position of a small company to improve its trading position. They always state that they are not intended to be legally binding. Also known as letters of comfort.
Collateral Security - Additional security pledged and which may be resorted to in case of failure of the principal security.
Close Corporation - A corporation owned by a small number of individuals. Corporations must elect to be close corporations by inserting a statement in their articles of incorporation. State laws typically permit close corporations to be operated more informally than non-close corporations
Co-Defendant - A defendant joined together with one or more other defendants in the same case.
Collection Agency - A professional service in the business of collection past-due accounts or an organization authorized to represent a creditor as its collection agent.
Co- Partner - One who is a member of a partnership. The prefix "co" is a redundancy, since a partner is a member of a partnership. The same is true of the term "co-partnership."
Commercial attorney - A lawyer in the general practice of law, knowledgeable of creditors rights and remedies, and active in the handling of insolvencies and collections.
