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grant-back clause (00)<br />The right in a contract granting the owner of a patent the right to all improvements and modifications in the technology discovered by the licensee. In the European Union the licensee grants back the right to the licensor of the use of these modifications in another place. In some countries the licensor owns the modifications as intellectual property.
asymmetric information (DO, Ll)<br /> Information possessed by one side of a market only. If, for example, buyers but not sellers have relevant information, they will be at an advantage. In labour markets, employers usually know more about the present and future financial state of their firms than trade unions and thereby have a bargaining advantage in wage negotiations. This view of information has also been incorporated into models of industrial organization and of the valuation of PUBLIC GOODS.<br /><em>See also:</em> lemons market
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<strong>Guarantee</strong> – A conditional legal obligation for the guarantor to reimburse the FFEL Program lender for some portion of a loan that is not repaid by the borrower due to default, death, disability, or other reason defined in federal regulations.
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