Borrowing is the process through which the money or any other object is received subject to a condition of repayment or return either on-demand or at some fixed future time. The contract of borrowing has rights and imposes some duties on the borrower. He has the right to use the thing which he has borrowed for the period which has been specified and the purpose intended between the parties. The power is bound to take extraordinary care of the things which it has borrowed and should use it according to the intention of the lender and to restore it to the lender in proper time and to restore it in a proper and same condition in which it was taken. If the object which has been borrowed is gratuitous then the borrower is bound to take extraordinary diligence and he will be responsible if there is right neglect in relation to the thing loaned. The use of the borrowed things must be according to the condition of the loan. If the borrowed thing has been used excess in nature, time, manner, quality beyond what was specified by the parties then the borrower will be responsible for the damage due to excessive use, the loss which will occur due to accident which cannot be foreseen or guarded against. The borrower is bound to return the things loaned on time which he has specified earlier and the proper place in the manner contemplated by the contract. If the borrower does not return the thing loan at the proper time and place, he is deemed to be in default and will be responsible for the injuries. As to the condition in which the thing is to be restored, the borrower will not be liable for any loss of the thing unless his neglect of duty causes it.
Arbitration refers to a third party to resolve the dispute or difference between not less than two parties for determination, after hearing each side, during a judicial manner, by an individual.
A budget is an estimation of revenue and expenses over a specified future period of your time and is typically compiled and re-evaluated periodically.