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Ethics is knowing the difference between what you have a right to do and what is right to do.
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Legal Definitions - increment
Definition of increment
Increment
An "increment" refers to a measurable increase or addition in quantity, value, or amount. It signifies a step-by-step or gradual growth rather than a sudden, large change. In legal and financial contexts, it often denotes a specific unit or portion by which something has grown.
Example 1: Contractual Price Adjustment
Imagine a long-term service agreement between a software company and its client. The contract specifies that the annual service fee will include an "increment" of 3% each year to account for inflation and rising operational costs. This means the client's payment will increase by a defined 3% unit annually, representing a predictable rise in the service's value over time.
Example 2: Regulatory Fee Structure
A city council passes an ordinance stating that parking fines for repeat offenders will increase by an "increment" of $25 for each subsequent violation within a calendar year. So, a second offense might be $50, a third $75, and so on. Each additional $25 is a distinct increment in the penalty amount, designed to deter repeated infractions.
Example 3: Investment Portfolio Growth
An investor tracks the performance of their mutual fund, which has shown consistent growth. Over the last quarter, the fund's value increased by an "increment" of $500. This $500 represents the specific amount by which the investment's total value grew during that period, reflecting a positive change in its financial worth.
Simple Definition
An increment refers to a unit of increase in quantity or value. In a legal context, an "unearned increment" specifically describes an increase in the value of real property that occurs due to external factors, such as population growth, rather than improvements made by the owner.