Accelerator (noun):
1. A device or mechanism that increases the speed or rate of a process, action, or reaction.
2. In physics, a device used to increase the velocity of charged particles, such as electrons or protons, by subjecting them to electric or magnetic fields.
3. In business or entrepreneurship, a person or entity that provides financial, technical, or operational support to startups or early-stage companies to help them grow and succeed.
4. In automotive engineering, a pedal or lever in a vehicle that controls the amount of fuel supplied to the engine, thereby increasing the speed or acceleration of the vehicle.
5. A substance or compound that speeds up a chemical reaction or catalyzes a reaction by lowering the activation energy required for the reaction to occur.
Accelerator is a term commonly used in the legal field to refer to a clause or provision in a contract that allows for the acceleration of certain rights or obligations. It is typically included to expedite the performance of a particular action or to trigger certain consequences in the event of a breach or default.
Accelerator clauses can be found in various types of contracts, such as loan agreements, employment contracts, or lease agreements. For example, in a loan agreement, an accelerator clause may stipulate that if the borrower fails to make timely payments, the lender has the right to accelerate the repayment schedule, making the entire loan amount due immediately.
The purpose of an accelerator clause is to provide a mechanism for swift action in case of non-compliance or to protect the interests of one party in the contract. However, the inclusion and enforceability of an accelerator clause may vary depending on the jurisdiction and the specific terms of the contract.
It is important for parties entering into a contract to carefully review and understand any accelerator clauses included, as they can have significant implications on their rights and obligations. Seeking legal advice is advisable to ensure that the accelerator clause is fair, reasonable, and enforceable under applicable laws.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March 2024.
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