EQUIPMENT Definition & Meaning - Black's Law Dictionary (2024)

FAQs

EQUIPMENT Definition & Meaning - Black's Law Dictionary? ›

EQUIPMENT Definition & Legal Meaning

Legal Definition

equipment. noun. equip·​ment. : the implements used in an operation or activity.

/ɪˈkwɪp·mənt/ the set of tools, clothing, etc., needed for a particular activity or purpose: computer/electrical/farm equipment.

Save. Copy. Equipments means all kind of machines or apparatus or appliances such as mechanical, electrical, electronic including fabrication of any kind at workshops or at site which the contractor has contracted to procure supply and install at his cost according to the terms of the contract.

Definition & Citations:

An Invention or contrivance; any result of desigu; as iu the phrase”gambling device,” which means a machine or contrivance of any kind for the playing ofan unlawful game of chance or hazard.

Equipment is a tangible long-term asset that benefits a business over several years of use. Computers, trucks and manufacturing machinery are all examples of equipment. They are tangible because they have a physical form—unlike intangible assets (such as patents, trademarks or copyrights) that do not.

Equipment is classified as a long-term asset and usually refers to items that will last and be used longer than a year. Equipment in a business is often referred to as tangible property. Equipment covers a range of items and includes such things like: Computers. Printers.

Scientific equipment is anything that a person would use in a science test or experiment. It is important that you use the correct equipment in your tests or experiments.

Standard equipment means the basic configuration of a vehicle which is equipped with all the features that are required under the regulatory acts of the Contracting Party including all features that are fitted without giving rise to any further specifications on configuration or equipment level.

We use the uncountable noun equipment to mean 'the set of things that you need for a particular purpose', such as tools or clothing: We've bought camping equipment, including new sleeping bags and a little refrigerator.

How does the federal government define equipment? ›

Equipment means tangible personal property (including information technology systems) having a useful life of more than one year and a per-unit acquisition cost which equals or exceeds the lesser of the capitalization level established by the non-Federal entity for financial statement purposes, or $5,000 (2 CFR 200.1 ...

Legal Contract for Equipment Definition

Equipment shall defined any tangible property asset used course business operations, including but limited machinery, tools, vehicles, other tangible assets used production, transportation, other business purposes.

Equipment rule means a rule that applies to the design, manufacture, fabrication, assembly, installation, alteration, repair, maintenance, operation or inspection of a regulated amusem*nt device, boiler, or lifting device.

Black's Law Dictionary (8th ed. 2004) provides the following definitions of these two terms: INSTRUMENT - A written legal document that defines rights, duties, entitlements, or liabilities, such as a contract, will, promissory note, or share certificate.

Assets are credits to the balance sheet, and may include CASH, investments, ACCOUNTS RECEIVABLE, LOANS granted, INVENTORY, real estate, plant and equipment, and GOODWILL. Assets are characterized by varying degrees of LIQUIDITY, and may be funded through DEBT or EQUITY. See also LIABILITY.

MATERIAL Definition & Legal Meaning

Evidence offered in a cause, or a question propounded, is material when it is relevant and goes to the substantial matters in dispute, or has a legitimate and effective influence or bearing on the decision of the case.

Defined in the UCC as goods other than inventory, farm products, or consumer goods (UCC § 9-102(a)(33)). Equipment is an asset type over which an entity can grant a security interest under Article 9 of the UCC.

The account can include machinery, equipment, vehicles, buildings, land, office equipment, and furnishings, among other things. Note that, of all these asset classes, land is one of the only assets that does not depreciate over time.

Machinery and equipment defined. "Machinery and equipment" means: "Industrial fixture" means an item attached to a building or to land. Fixtures become part of the real estate to which they are attached and upon attachment are classified as real property, not personal property.