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Simple English definitions for legal terms
scrap value
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A quick definition of scrap value:
Scrap value is the amount of money you can get for something when it's no longer useful. For example, if you have an old car that can't be driven anymore, you might be able to sell it for scrap metal. Scrap value is also called salvage value. It's different from the original value of the thing when it was new or in good condition.A more thorough explanation:
Definition: The amount of money that can be obtained from selling an asset after it has become useless to the owner.
Example: A company has a machine that is no longer functioning and cannot be repaired. The scrap value of the machine is the amount of money the company can get by selling the machine for parts or as scrap metal.
This example illustrates how scrap value is the residual value of an asset after it has reached the end of its useful life. It is the amount of money that can be obtained from selling the asset for its parts or materials.