22 V Basic Banking Guide A to Z V Vacant possession Property not occupied, or with no tenant in possession. Valid An agreement, document authorized by law or otherwise having legal effect or force. Validate To make any document, instrument, legally effective. In banking a cheque becomes state after six months of its issuance, after that it requires validation. Validity The period for which an agreement, negotiable instrument, bid, offer ,claim, document, letter of credit, guarantee etc remains in force. Value It refers to the monetary worth of an asset, business entity, goods sold or service rendered, or liability or obligation acquired. Value added cost It refers to the resources consumed in enhancing the value of a goods or services. Value added tax (VAT) This is a consumption tax which is levied at each stage of production based on the value added to the product at that stage. Value date The date on which an account holder can use the funds from deposited cheques that have passed th...