Carryover
/ˈkær.i.oʊ.vər/
Definitions
- (n.) An accounting or legal term referring to an asset, liability, or calculation that transfers from one period to the next.
The carryover of unused tax credits to the following fiscal year reduces the taxpayer's liability.
- (n.) In contract law, the continuation or effect of rights or obligations beyond the original term or scope.
The contract included a carryover clause to extend confidentiality obligations after termination.
Related terms
Commentary
In legal drafting, specify whether carryover refers to accounting treatment or contract provisions to avoid ambiguity.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.