Glossary

Uberrima fides

Utmost good faith (Latin). In certain types of contract, the parties must act in good faith and declare all relevant facts to the other side even if they do not ask. This only usually applies to insurance contracts where the insured person must declare all known risks. It is an exemption to the general contract rule of caveat emptor.

UK Payments Administration

Previously known as the Association for Payment Clearing Systems, the UK Payments Administration provides facilities to the UK payments industry. Its function is to manage the main networks which allow banks and building societies to exchange payments on behalf of their customers.

UK Trade & Investment

An organisation responsible for promoting the development of UK exports and encouraging foreign companies to invest in the UK.

UK transit

A procedure for moving goods under HM Revenue & Customs control when import or export formalities are carried out away from the place of importation or exportation, and the movement does not involve another European Union (EU) member state. Also know as national transit.

Underwriter

A person who signs as party to a contract. Now usually only applied to insurance contracts where the underwriters are those who agree to bear all or part of the risk in return for the premium payments. Underwriters at Lloyd's of London are also known as 'names'.

Underwriting agreement

An agreement to accept the risks under an insurance contract. The underwriters sign the agreement and indicate how much of the risk they are prepared to take and they receive a proportionate part of the premium.

Unfunded unapproved retirement benefits scheme  (UURBS)

An individual arrangement set up under a trust between an employer and employee to provide a top-up to the occupational pension scheme. No funds are actually set aside so it does not attract tax but is registered in the employer annual accounts. The HM Revenue & Customs preferred term for an UURBS is now an Employer-Financed Retirement Benefits Scheme.

Uniform resource locator  (URL)

A standard form for addresses on the internet. A URL can lead you to a file on any computer connected to the internet anywhere in the world. Usually this is a page of a website (frequently the home page) but it can also be a downloadable file or an audio or video stream.

Union Internationale des Transports Routiers  (IRU)

An international trade organisation for the road transport industry.

Unique consignment reference  (UCR)

A reference, allocated by the Customs Freight Simplified Procedures authorised trader to each import or export consignment, which can be used to trace the consignment through all the trader's records.

Unit trusts  (UTs)

Funds formed to manage investments collectively on behalf of a number of investors and run by a financial services company and a fund manager.

United Nations  (UN)

An international organisation that acts as a forum for discussion and regulates international relations. Head offices are in Geneva and New York.

United Nations Conference on Trade and Development  (UNCTAD)

The main arm of the United Nations General Assembly dealing with trade, investment and development issues.

Universal serial bus  (USB)

Fast becoming the usual way to plug additional devices such as printers and cameras into a PC. USB is cabled in a daisy-chain fashion and up to 127 devices can be supported from a single USB connection.

Unsecured creditor

A creditor that has loaned money with no security for the debt. In the event of insolvency, unsecured creditors will be paid after secured and preferential creditors and on an equal basis with other unsecured creditors.

Upper earnings limit  (UEL)

Employees pay National Insurance contributions on earnings between the Lower Earnings Limit and the UEL. An additional 1 per cent is paid on all earnings over the UEL.

User acceptance testing  (UAT)

A phase of software development in which software is tested in the 'real world'. This phase typically involves the client testing the software inhouse in an 'almost live' environment. User comments are fed back to the developers who make any changes before releasing the final product.

Utmost good faith

Duty placed on both parties to an insurance contract. The insured has to disclose material facts while insurers have to act reasonably and communicate clearly.