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Post by francis on Jan 8, 2010 17:20:55 GMT 1
Can someone explain, in laymans words, the legal meaning of what this means,
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Post by Ribaric on Jan 8, 2010 18:43:50 GMT 1
You took right and proper care and was able to demonstrate that, whatever you plan to do, you will not expose people to unecessary or avoidable financial or safety risks.
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Post by francis on Jan 8, 2010 18:50:56 GMT 1
that,s a good word, like that
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Post by Deleted on Jan 9, 2010 8:28:49 GMT 1
there is also another meaning to it used in real estate terms......
meaning that the buyer has personal deu diligence to research the subject at hand before acting on the purchase.......meaning basically doing your homework
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Post by ray51 on Jan 9, 2010 9:42:28 GMT 1
In U.K. banking/investment terms : the institution has asked for enough detailed and certified data to cover their ass , just in case of any money-laundering/tax evasion/EU queries ! This can drive anyone , otherwise normal : bonkers ! The paperwork has quintupled , the idiocy multiplies week after week , the clients would rather drink sulphuric acid than have any dealings with a U.K. financial institution ...due diligence , indeed !
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Post by dugodude on Jan 9, 2010 10:01:52 GMT 1
You took right and proper care and was able to demonstrate that, whatever you plan to do, you will not expose people to unecessary or avoidable financial or safety risks. I have not seen due diligence used in this meaning - but I suppose it could have morphed into such usage. By my understanding it is a fancy expression - used by lawyers and consultants to sound professional, and charge associated professional fees - to mean 'check it out well before you buy'. Only it is used for complicated sales like one company buying another, and means the advisers or whoever have thoroughly checked out the company being bought to ensure the buyer does not get lumbered with an otherwise unknown legal claim or big bill, eg for an environmental clear up. I suppose it couild be used for a house purchase, so that the adviser/solicitor can also sound suitably professional and add 15% to his normal fee.
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Post by francis on Jan 9, 2010 20:50:52 GMT 1
So in building term , could you change permits, drawings, on foundation, lower garage to make it safer, better road level,using this word, with out changing building permit, in order to get the town, planning office to let the changes happen, as they our better for all, including town rd, waste water etc.
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Post by dugodude on Jan 10, 2010 16:14:02 GMT 1
So in building term , could you change permits, drawings, on foundation, lower garage to make it safer, better road level,using this word, with out changing building permit, . In short, from what you say there - no. You want to say "we want a legal short-cut or loophole. " - or some such. I guess anyone who wants to say "I have thoroughly checked it out" could use the term due diligence (As in I have done my due diligence) but it really is like calling a 2 up 2 down semi-detached a mansion.
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Post by Deleted on Jan 10, 2010 19:30:07 GMT 1
I agree with dugodude...... I dont think the word usage includes what you propose. The act is a personal physical or mental act on your part making sure all the building plans etc. are correct and that you have thoroughly checked them out and either found them suitable or unsuitable.......
Diligence is the opposite of negligence........... or the difference between a pain staking effort or no effort at all.
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