What a residuary gift comprises The residuary estate will not necessarily comprise only cash, but will usually include other assets that have not been sold during the course of administration. Section 33 of the Administration of Estates Act 1925 (AEA 1925) defines the residuary estate as the residue of money and any investment for the time being representing the same, including any part of the estate of the deceased that may be retained unsold and if not required for payment of funeral, testamentary and administration expenses, debts and other liabilities and pecuniary legacies. This is whether: • the testator has attempted to dispose of it and failed, or • the disposition fails by lapse or other event Unless the Will shows an intention to the contrary, a residuary gift includes everything owned by the testator at their death that has not been effectively disposed of by other provision in the Will. There is a distinction between: • a gift of the residuary estate • a gift of the residue of the residuary estate If

The rules of apportionment should be considered at the moment of drafting the Will. Whenever a Will creates a trust, some rules of apportionment may be applied or excluded unless they have been dealt with expressly in the wording of the Will. Essentially, the purpose of the apportionment rules is to strike a balance between those interested in the capital of the trust (the remaindermen) and those interested in the income derived from that capital (the life tenant). These rules have been set out in cases and by statute. In the main, the reasoning behind the rules was that a testator, had they thought about it, would probably have wanted the trustees to maintain that balance. Therefore, equity intervened to presume that intention on behalf of the testator. As the principle of apportionment was always to be presumed, there was no necessity to seek any evidence of intention to include the rule (although evidence would be needed to dispel the presumption). Trusts (Capital and Income) Act 2013 The relevance of the rules had been under scrutiny

In legal practice, to “contest” something means to oppose, challenge or dispute it formally, usually through court or tribunal proceedings. It commonly refers to challenging the validity, merits or enforceability of a claim, decision or instrument, such as contesting a will, a debt, a planning decision, or the jurisdiction of the court. “Contest” is a descriptive term rather than a defined legal concept in most legislation across England and Wales, Scotland, Northern Ireland and Ireland. Specific statutes and rules of court may instead refer to challenging, appealing, defending, setting aside or reviewing a decision or document. A party may contest: - liability or quantum in civil litigation; - the admissibility or reliability of evidence; - the lawfulness of administrative action (e.g. by judicial review); - testamentary capacity, undue influence or formal validity in probate disputes; - the interpretation, formation or enforceability of contracts. Contesting typically triggers procedural consequences, such as directions, disclosure, proof at trial or proof before answer (Scotland), and cost/expenses risk. Usage and effect of the term are broadly consistent across the UK and Ireland, though the detailed procedures and terminology are governed by each jurisdiction’s civil and criminal procedure rules.

See offer-bid'>Hostile offer / bid.

Arbitration analysis: Industry context is important when considering arbitrator bias. In this case, the court dismissed a challenge to a trade association arbitration award brought on the grounds that the chair of the arbitral appeal board had failed to make disclosures relating to contact with the defendant and other members of the trade association in a professional category giving rise to apparent bias. It held that in the context of a relatively small commodities market where traders and the trade association arbitrators were likely to know others in the market, a fair-minded and informed observer would not conclude there was a real possibility of bias. The judge also considered guidance on when apparent bias will amount to substantial injustice so as to constitute serious irregularity under section 68(2)(a) Arbitration Act 1996 (AA 1996) and the loss of the right to object under AA 1996, s 73. Written by Emma Skakle, partner and Hayley Flood, associate at Stephenson Harwood LLP.

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A sum of money allowed for in a construction contract for events which may or may not occur.

Assets explicitly set aside by the sponsor on which a pension scheme would have a claim in the event of an employer becoming insolvent, but which the trustees do not hold.

What is a contingent asset? A contingent asset is an asset that will generate cash for the pension scheme if certain specified (ie contingent) events occur (eg a sponsoring employer experiencing an insolvency event). Pension schemes generally use contingent assets in two main ways: • in years where a risk-based levy is charged by the Pension Protection Fund (PPF), to reduce the amount of that levy. To be used for this purpose, the contingent asset must reduce the risk of compensation payable by the PPF in the event of the insolvency of the sponsoring employer, and • as a form of security for the funding of the pension scheme (eg to address concerns about the sponsoring employer's covenant towards the scheme) The PPF recognises three types of contingent assets which may be used to reduce the PPF’s risk-based levy: • guarantees from a parent or group company (Type A) • security over cash, real estate or securities (Type B(i) (ii) (iii)), and • letters of credit or bank guarantees (Type C(i) or C(ii)) This

A claim which is conditional on a certain event occurring.

A future interest under a trust which is deferred until the determination of a preceding interest and for the time being it is uncertain if it will ever take effect at all. See also ‘vested in interest’.

Contingent ownership describes a situation where a person’s right to become owner of property depends on a future event that may or may not happen. The interest exists in law, but full ownership is not guaranteed because it is subject to a condition precedent or a contingency, such as surviving another person, reaching a specified age, or the occurrence of a specified event. In England and Wales and Northern Ireland, the concept commonly arises in wills and trusts, for example where a beneficiary is to take an estate “if” or “provided that” a condition is satisfied. It is closely linked to contingent interests in land and future interests under settlements. In Scotland, the idea aligns with conditional or suspensive interests, where a real right or beneficial entitlement vests only if the condition is purified. In Ireland, usage broadly mirrors that in England and Wales, particularly in succession, trust and land law. “Contingent ownership” is generally a descriptive term rather than a defined statutory expression, but its effects are shaped by legislation and case law on conditional gifts, trusts, perpetuities, vesting and succession. It is significant for advising on risk, marketability of title, tax, and estate planning.