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Glossary of Credit Management Terms. Letter W

Waiver:
The abandonment of a right by one party so that afterwards he or she is prevented from claiming it. It is possible to waive rights by conduct or by express agreement.

Warranty:
Promise or covenant offered usually by a seller to a buyer to describe the goods or services offered and the remedies available to the buyer in the event of default.

Winding up order:
An order made by the Court that a company should be wound-up and a liquidator appointed to wind up its affairs, after an interested person or company has successfully petitioned the court for this action.

Winding up petition:
A petition presented to the Courts if a person or company thinks that a company should be wound-up and enter into compulsory liquidation. In many cases one company will petition to wind up another because it is owed money and cannot recover the debt.

Working capital:
The excess of current assets over current liabilities. Used to indicate the funds available for conducting day-to-day business.

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