GB

Gigabyte - a measurement used for computer memory storage. Made up of 1024 MB.

General Average

A loss arising from a voluntary sacrifice or an expense incurred by a cargo owner. For example, in saving a ship and its cargo in face of a common danger (e.g. jettison of cargo to lighten a ship in distress), the loss is borne proportionately by the ship and cargo owners according to their respective interests in the voyage.

General Client Funds

The amalgamated funds held by a business (typically a solicitor or accountant) on behalf of others. The funds in the bank account are not held in any specific client’s name.

General Indemnity

In some instances, a Guarantor may be prepared to accept an Indemnity from the Applicant covering all guarantees to be issued under the banking facility, as opposed to taking a separate Counter-Indemnity for each guarantee transaction – also see Counter-Indemnity. 

GIF

A form of file used for images or pictures on the internet, especially small icons (small graphical symbols).

Goods in Transit

For insurance purposes this provides the insured with cover for business contents lost or damaged whilst in `transit`- this may be due to accident or theft from a parked vehicle. Most policies will contain cover restrictions/alarm requirements in respect of high-value contents (e.g. electronic equipment) left unattended in a vehicle, especially overnight.

Goodwill

An intangible (non-physical) asset which provides a competitive advantage, such as a strong brand, reputation, or high employee morale. In an acquisition, goodwill appears on the balance sheet of the acquirer in the amount by which the purchase price exceeds the net tangible assets of the acquired company.

Gross

This is an amount before any deductions are made. Such deductions could include taxation, expenses and charges.

Gross Interest

Interest before any tax has been deducted. 

Gross Weight

The weight of the merchandise in its shipping form, i.e. including all its packaging.

Group Personal Pension

An arrangement made by an employer for employees to participate in a personal pension plan on a group basis. This is a collective of personal pension plans. An alternative to an occupational pension plan.

Guarantee

An irrevocable undertaking given for payment of a stated sum of money on presentation of a demand conforming to the terms of the guarantee within the validity thereof.

Guaranteed Resale Value

The amount that HSBC Vehicle Finance agree to pay for a vehicle at the end of a CarChoice or Contract Purchase agreement, taking into account its age, condition and mileage.

Guarantor

The party who issues the Guarantee to the Beneficiary.