Law Dictionary

Jurisdiction is a court's or tribunal's authority to hear a dispute and make binding orders. In British Columbia it depends on the subject matter, the amount claimed and the connection to the province. Claims up to $5,000 usually go to the Civil Resolution Tribunal, claims up to $35,000 to Small Claims Court, and larger claims to the BC Supreme Court.

A key employee is a person whose skills, relationships or knowledge are critical to a business, such as a founder, lead engineer or top salesperson. The term has no statutory definition in British Columbia. It matters most in share and asset purchases, where buyers often require key employees to sign retention, confidentiality and non-solicitation agreements as a closing condition.

Key performance indicators (KPIs) are measurable values a business uses to track progress against its goals, such as revenue growth, customer retention or project delivery times. KPIs are a management and business term rather than a legal one, although they can become legally relevant when written into contracts.

A key person clause is a contract term naming specific individuals, such as founders or fund managers, whose departure, death, disability or reduced time commitment triggers agreed consequences. It appears in fund, financing, loan and acquisition agreements, and the consequences can include a suspended investment period, a default, renegotiation, or a right to terminate or buy out.

Key person insurance is a life, disability or critical illness policy that a company owns on an important founder, shareholder or employee, with the company as beneficiary. It funds the business through the loss of that person, and in British Columbia it is often used to fund share buyouts under a shareholders agreement or to satisfy a lender's condition.

"Key terms" is an informal phrase for the essential words or provisions of a contract or legal document, such as price, parties, scope, duration and termination. Many contracts include a definitions section so key terms have a fixed meaning throughout. It is not a legal term of art.

A kicker is an extra return given to a lender or investor on top of the base return, such as warrants, a right to convert debt into shares, or a share of profits or sale proceeds. It is mainly a finance term. A kicker compensates the lender or investor for taking added risk.

A kicker provision is a clause in a loan or investment agreement that gives the lender or investor an extra return on top of the base return, such as a share of profits, sale proceeds or equity. It is payable on performance or success, not as a penalty for breach.

Kinship care is the care of a child by a relative or another person with a significant relationship to the child, rather than by a non-relative foster parent. In BC it can arise informally within a family or through arrangements under child welfare legislation when a child cannot safely live with their parents.

Kiting, or cheque kiting, is a fraud in which a person writes cheques between accounts at different banks to exploit the delay in clearing, creating apparent balances that do not exist. It is distinct from inflating financial statements, which is accounting fraud. Faster electronic clearing has made it less common.

A kiting scheme is a pattern of cheque kiting: repeatedly writing cheques between accounts at different banks to exploit clearing delays and create false balances. Artificially inflating the value of a security through false demand is a different wrong, called market manipulation.

A kiting transaction is a transfer, usually by cheque, between accounts at different banks made to exploit the clearing delay and create a balance that does not really exist. Repeated kiting transactions form a kiting scheme. The practice is a form of fraud against the banks involved.

Know-how is practical, usually confidential knowledge about how to do something, such as manufacturing methods, formulas, processes or business techniques, that gives a business an advantage. In Canada know-how is generally unpatented and is protected by confidentiality agreements, licence terms and the law of breach of confidence, not by registration.

A know-how agreement is a contract under which one party shares unpatented technical knowledge, methods or expertise with another, usually under a licence. It typically covers scope of use, confidentiality, fees or royalties, ownership of improvements, duration and what happens to the information at the end.

A know-how licence is a contract in which the owner of confidential practical knowledge, such as processes, formulas or technical methods, discloses it to another business and permits its use on agreed terms. It sets scope, territory, confidentiality, improvements, royalties and what happens to the information on termination. In Canada it is enforced through contract and breach of confidence.

Know-how transfer is the transfer of unpatented technical knowledge, skills and methods from one party to another, typically through training, documentation and support under a licence or acquisition agreement. Know-how is protected as confidential information rather than by patents, trademarks or copyright.

"Knowingly" means with awareness of a fact or circumstance. It is distinct from intent, which concerns purpose. In civil fraud, a false statement is made knowingly if made with knowledge of its falsity, without belief in its truth, or recklessly as to whether it is true.

In law, knowledge means awareness of a fact. It may be actual knowledge or, in some contexts, constructive knowledge of what a person ought reasonably to have known. Knowledge often matters to liability, limitation periods and contract representations, such as warranties given "to the knowledge of" the seller.

Knowledge transfer is the sharing of information, skills or expertise between people or organizations, such as when a business is sold, a technology is licensed or a key employee leaves. It is a general business term. Legally, it is managed through confidentiality, licence, assignment and transition services agreements.

A KPI agreement is a contract, or part of one, setting key performance indicators that one or both parties must meet, and stating the consequences, such as bonuses, service credits or termination rights. It is not a distinct legal category; it is enforced under ordinary contract law.

KPI benchmarking is comparing a business's key performance indicators against industry standards, competitors or past results to find areas for improvement. It is a management and business term rather than a legal one. Legal issues arise mainly from the data used, such as personal information or competitors' confidential information.

A KPI dashboard is a visual display, usually software based, of a business's key performance indicators so managers can monitor results at a glance. It is a management and business tool rather than a legal concept. Legal issues arise mainly from the personal information it displays.

KPI metrics are the specific quantifiable measures, such as revenue, conversion rate or employee output, a business uses as key performance indicators to track progress toward its goals. It is a management and business term rather than a legal one, although metrics can become legally significant when tied to pay or contracts.

KPI monitoring is the ongoing tracking and review of key performance indicators to see whether a business, team or project is meeting its goals and to adjust strategy. It is a management and business term rather than a legal one. Legal issues arise when monitoring involves employee personal information or contractual targets.

KPI reporting is the regular preparation and sharing of reports on key performance indicators so management, boards or investors can assess performance and make decisions. It is a management and business term rather than a legal one. Legal issues arise when reports contain personal information or are given to investors or lenders who rely on them.