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Simple English definitions for legal terms
key man
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A quick definition of key man:
Key man: A person who is very important to a business's success. This person may be an officer or employee who has a lot of responsibility and plays a crucial role in the company's operations. Another term for this is key person.
A more thorough explanation:
Definition: A key man, also known as a key person, is an important officer or employee who is primarily responsible for a business's success.
Example: The CEO of a company is often considered a key man because they are responsible for making important decisions that can impact the success of the business.
Explanation: A key man is someone who plays a critical role in the success of a business. They may have unique skills, knowledge, or experience that is essential to the company's operations. If a key man were to leave the company, it could have a significant impact on the business's ability to function effectively.