VALUATION - The process of determining
the current worth of an asset. The act of ascertaining
the worth of a thing; or it is the estimated worth of
a thing.
It differs from price, which does not always afford
a true criterion of value, for a thing may be bought
very dear or very cheap. In some contracts, as in the
case of bailments or insurances, the thing bailed or
insured is sometimes valued at the time of making the
contract, so that if lost, no dispute may arise as to
the amount of the loss.
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