Simple English definitions for legal terms
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Term: SIR
Definition: SIR stands for Self-Insured Retention. This means that instead of buying insurance, a company or individual sets aside money to pay for any potential losses or damages. It's like having a savings account for emergencies. SIR can also stand for Statutory Invention Registration, which is a way for inventors to protect their ideas before they are granted a patent.
Definition: SIR is an abbreviation that can stand for two different things:
Examples:
These examples illustrate the two different meanings of SIR. In the first example, SIR refers to a type of insurance policy that requires the insured party to pay a certain amount before the insurance company starts covering costs. In the second example, SIR refers to a type of patent application that allows inventors to protect their ideas without going through the full patent process.