Terms Used In New York Laws > Economic Development Law > Article 7 - Industrial Effectiveness Program

• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Feasibility study: shall mean an investigation and evaluation of the viability of an industrial firm or group of industrial firms, including those for which local buyout assistance has been requested. See N.Y. Economic Development Law Law 190
• Industrial firm: shall mean a manufacturing firm involved with extracting, smelting, recovering, developing, preparing, compounding, converting, assembling or producing in any manner, minerals, raw materials, products or substances of any kind or nature, and shall include facilities related thereto for storage, warehousing or distribution, for research and development or for the discovery of new, and the refinement of known, substances, processes, and products. See N.Y. Economic Development Law Law 190
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Local buyout: shall mean the transfer of the ownership and control of a viable industrial firm to its employees, or managers, or to other investors resident in New York state, where such transfer will create or retain substantial numbers of private sector jobs by preventing the closing, partial closing, or the relocation out-of-state of an industrial firm. See N.Y. Economic Development Law Law 190
• Person: means any individual, firm, co-partnership, association or corporation other than the state and a "public corporation. See N.Y. Environmental Conservation Law 15-0107
• Productivity assessment: shall mean an evaluation of the existing and potential productivity and profitability of an industrial firm or group of industrial firms and recommendations for productivity improvements, including, but not limited to, analysis of products, market position, financial condition, ownership structure, production processes, labor/management relations, worker skills and training needs, plant and equipment, and business strategy. See N.Y. Economic Development Law Law 190