Definitions (3)

1. The condition of being out of date. A loss of value occasioned by new developments that place the older property at a competitive disadvantage.

2. A decrease in the value of an asset brought about by the development of new and more economical methods, processes, and/or machinery.

3. The loss of usefulness or worth of a product or facility as a result of the appearance of better and/or more economical products, methods or facilities.


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