approval (noun, ap-prov-al, \ əˈpruːvəl \) authority (noun, au-thor-i-ty, \ əˈθɔːrət̬i \)
Definition: is a power, a permission to approve business operations or to commit the business to binding contracts, financial risks, etc., which is conferred on a certain individual (an officer) within a company or an organization. Normally, a person who was granted an approval authority has the right only to affirm and approve the decisions or transactions but does not necessarily sign or execute those operations. An individual that has an approval authority typically deals with major, serious business transactions and operations and can even put the company in debt when needed. The term may also signify a person (or a group of individuals) who has the power to approve and permit business actions.
In a Sentence:
- To proceed with this financial transaction, an approval authority is needed.
- With the agreement of the company’s approval authority, we will be able to sign the contract next week.
- In a situation like this, the approval authority is needed in order to proceed safely with a transaction.
Synonyms and related words: authority, justification, and approval, approval basis, authority approval, designated approving authority