CFR > Title 45 > Subtitle B > Chapter XI > Subchapter C – Federal Council On the Arts and the Humanities
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| Part 1160 | Indemnities Under the Arts and Artifacts Indemnity Act |
Terms Used In CFR > Title 45 > Subtitle B > Chapter XI > Subchapter C - Federal Council On the Arts and the Humanities
- Appraisal: A determination of property value.
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- President pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.