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Definitions: Difference between revisions
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A boon and a bane. On one hand they can cut through needless word-proliferation: | {{g}}{{pe}}A boon and a bane. On one hand they can cut through needless word-proliferation: | ||
:“'''[[ERISA]]'''” means The [[Employee Retirement Income Security Act of 1974]] (Pub.L. 93–406, 88 Stat. 829, enacted September 2, 1974, codified in part at 29 U.S.C. ch. 18) as amended, restated or superseded from time to time. | :“'''[[ERISA]]'''” means The [[Employee Retirement Income Security Act of 1974]] (Pub.L. 93–406, 88 Stat. 829, enacted September 2, 1974, codified in part at 29 U.S.C. ch. 18) as amended, restated or superseded from time to time. | ||
On the other hand, they can complicate a document by obliging the reader to flip back and forth to find what the definitions mean, especially where the definitions are embedded in the body of the agreement and not in a definitions section. And let’s face it: if you work in global markets and you don’t know what [[ERISA]] is, you really need to get your coat. | On the other hand, they can complicate a document by obliging the reader to flip back and forth to find what the definitions mean, especially where the definitions are embedded in the body of the agreement and not in a definitions section. And let’s face it: if you work in global markets and you don’t know what [[ERISA]] is, you really need to get your coat. | ||
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*To gather together disparate concepts into a single expression and it would not otherwise be obvious. | *To gather together disparate concepts into a single expression and it would not otherwise be obvious. | ||
'''When not to use definitions''': When the defined term is obvious. Everyone knows that the [[EU]] means the [[European Union]]. Everyone knows [[MiFID 2]] means. Everyone (right?) knows what [[ERISA]] means. | '''When not to use definitions''': When the defined term is obvious. Everyone knows that the [[EU]] means the [[European Union]]. Everyone knows [[MiFID 2]] means. Everyone (right?) knows what [[ERISA]] means. | ||
{{seealso}} | {{seealso}} | ||