Ullage certificate
This is a certificate issued for removal of liquid (oil etc) from the tanker. For example palm oil is imported by three parties and on port it is stored in one tanker and oil is released through measurement.

Ultimate balance
Balance arrive after combining all accounts.

Uncleared effects

Ultimo
It refers to in or of the month preceding the current one, such as on the 15th ultimo.

Ultra vires
It refers to some thing beyond the legal power or authority of a company association or officer, etc.

Ultra violet
The purplish-blue light which highlights un-visible fields .It also refers to, producing, or utilizing light having such wavelengths such as an ultraviolet lamp that are used to detect fake currencies etc.

Unauthorized signature
Forged signatures, or signature on behalf of any person company, firm  or association etc  without any lawful authority.

Unbanked area
Under develop areas where banking facilities are not available. As per SBP policy banks must open atleast 20% of new branches in unbanked areas.

Unclaimed deposits/ bills
All banks and DFIs operating in Pakistan are required to surrender to SBP all deposits including foreign currency deposits, inoperative bills payable out-standing in the books of banks and DFIs for 10 years and more and where no transaction has taken place, no statement of account has been requested or acknowledged, shall be classified as unclaimed deposit / instrument except deposits / instruments in the name of, Government Accounts, Minor Accounts, Court of Law.

Uncleared effect
These are the cheques, pay order, drafts and similar instruments, that have been deposited by a banks customer but have not completed the banks clearing cycle or the proceeds have not been credited to the customers account
Uncollected funds: A portion of a deposit balance that has not yet been collected by the depository bank.

Undated cheque
This is refers to a cheque which is without date. Date is the material part of the cheque, and the drawee bank will not honor an undated cheque

Under capitalization
It refers to a situation where a business does not have sufficient,  funds for its size of operations. An undercapitalized firm does not have enough cash to carryout its functions and as such does not qualify for  loans due to its high loan-to-equity ratio.

Under custom bond
If for some reason, the importer does not pay the duty, he/she may keep imported goods under custom bond with the BOND COMPANY. The importer can release goods after payment of duty and bond company’s charges.

Under ground economy
Unrecorded business dealings (without payment of taxes) that are not reflected in a countrys gross domestic product (GDP) computations. Though it is illegal and even criminal methods, it is a survival practice in suppressive tax regimens or where legitimate business activity is made unnecessarily difficult by difficult/ unpractical regulations.

Under reserve
It refers to a situation in which a bank credits the amount of a cheque or draft to the depositors account before it is cleared. If dishonored, an under reserve items amount is debited from depositors account.

Under stock
It refers to stock which is less than the desirable number or quantity

Undertaking
It can be termed as a guarantee, promise, or clause in a contract that creates an obligation.

Under the counter
Any thing done, sold, given, secretly in an unlawful or unethical way. Under-the-counter payments are a form of bribery and extortion. Also called under the table.

Underwater loan
It refers to a loan that has gone under its book value e.g. it is non-performing,  its interest rate is below the current market rate,  the market value of its collateral has decreased to less than the amount of the outstanding loan balance.

Underwriter
This is an entity who  is in the business of evaluating and taking over other peoples risk for a fee /commission, interest, premium, or underwriting spread,

Un-discharged bankrupt
This is a bankrupt person who is not granted an order of discharge by a court or  the person whose loan is written off due to the non payment. An undercharged bankrupt is, in general, disqualified from holding certain public  offices such as member of national, provincial assemblies’ senate or of a director in a company.

Undue influence
It refers to mental, moral, or physical domination that deprives a person of independent judgment and substitutes another persons objectives in place of his or her own. Exercise of undue influence is exercised  by excessive insistence, or pressure applied due to authority, position, or relationship in relation to the strength of the person submitting to it. Consent obtained for a contract, relationship, or transaction is voidable if it can be shown that an unfair advantage has been taken of an involved party.

Unearned income
It refers to the income received before a good is sold or a service is provided. Unearned income is classified as a current liability on the balance sheet until it is recognized as earned income during the accounting cycle.

Unemployment
This means the total number of men and women of working age looking for paid work. Unemployment statistics vary according to how unemployment is defined and who is deemed to be part of the workforce. Generally it is determined by taking sample sizing.

Unencumbered
It refers to the asset or property that is free from debt, and clear of any legal defect in its title and, therefore, can be easily sold or mortgaged.

Uniform custom s and practice (UCP)
The Uniform Customs and Practice for Documentary Credits is a set of rules on the issuance and use of the documentary credit. It is utilized by banks / financial institutions, as well as traders, in more than 175 countries world wide. This practice has been standardized by the ICC by publishing the very first UCP in 1933 and subsequently updating it throughout the years. The UCP 600 is the revised version of the Uniform Customs and Practice for Documentary Credits The UCP rules were first promulgated by the International Chamber of Commerce 76 years back and today they have attained almost universal acceptance by practitioners in countries worldwide

Uniform Gift to Minors Account (UGMA)
This is an American law that provides a child under the age of 18 (a minor) a way to his / her own investments. The money is in the minors name, but the custodian (generally the parent) has the responsibility to handle the money in a prudent manner for the minors benefit. The parent cannot withdraw the money to use for his or her own needs.

Uniform rules for collection (URC)
These are standards of cheques draft, bills collection practices proposed by the International Chamber Of Commerce (ICC) for the financial institutions. Provisions of URC are not legal requirement but serve to establish common understanding of the collections terminology and expectations.

Unilateral
It refers to some thing which is one sided.

Unilateral change
Any change made in the provisions of a contract without the consent of the all parties involved.

Unilateral contract
It is a type of contract in which only one of the contracting parties is under an enforceable obligation. For example, under an insurance contract, only the insurer makes a promise

Unit
It refers to the definitive quantity adopted as a standard of measurement and exchange.

Unit cost
It refers to the expenditure incurred in producing one unit of a goods or service, computed usually as average cost. Total cost/ number of units= unit cost

United Bank Limited (UBL)
United Bank Limited came into existence on 7th November 1959. It is the second largest private commercial bank in Pakistan with over 1100 branches and has an international presence in 10 countries. It has assets of over Rs. 550 billion and a solid track record of fifty years - in addition to the convenience of over 1112 branches serving you throughout the country and also at several overseas locations.

Unlimited company
These are those companies ,where there is No limitation to the liability of the owners/ share holders, for the debts/ liabilities of the company e.g. proprietorship, partnership

Unlimited liability
Unlimited extent of liability to pay a companys debts or obligations, extending beyond the investments of the companys owners to their personal assets. This extent of liability is assumed in an unlimited liability company such as a sole-proprietorship or a  partnership.

Unlimited risk
This refers to an  investment where loss  potential is unlimited. Examples include short selling (satta) and futures trading. This is opposite of limited risk.

Unlisted securities
Ordinary shares or other securities of a company not listed (traded) on any official stock exchange. In the Pakistan, unlisted securities are traded informally in the trade circles on personal contact basis, in the UK they are traded on the Alternative Investment Market. These securities are issued by smaller or new enterprises who cannot or do not wish to comply with the listing requirements of an official Stock exchange.

Unquoted shares
Refer unlisted securities

Unsecured creditors
Debtors who have no specific security, they can have claim against general assets of the debtors/ company.

Unsecured facility
Facility not secured by collaterals but allowed only against integrity of the borrower.

Update
The actions to bring/adding in a book, figures, or in any document, any  information with the purpose  to date, or making corrections.

Upset price
This is the lowest price at which a person is permitted to bid for something being sold at auction.

Usance
This is the length of time allowed in a trading transaction for payment of a foreign bill for example Usance letter of credit where documents drawn under L/C are delivered against acceptance and payment is made after predetermined period (generally from 30 to 360 days).

Usury
This is the practice of lending money and charging the borrower with profit/ interest, at an exorbitant or illegally high rate. Generally private money lenders, charge interest/ profit.

Usury rates
The maximum rate of interest lenders may charge from the borrowers. The usury rate is generally set by the regulators

Utter
To put in circulation, e.g. to utter  forged notes into circulation

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