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The confirmation or Acknowledgment of the existence of an act performed, of an event that transpired, or of a person who is authorized by another to act in a particular manner.
In tax law, a capital gain is recognized when a taxpayer has actually received payment. Such gain must then be reported on Income Tax forms, and capital gains tax must be paid on it.
In International Law, the term recognition refers to the formal acknowledgment by one state that another state exists as a separate and independent government. Recognition is not a mere technicality. A state has no status among nations until it is recognized by other states, in spite of the fact that it might possess all other attributes of a state, including a definable territory and population, a recognizable government, and a certain amount of continuity or stability.
The decision to recognize a new national government is a political act that is in the discretion of the officials who are responsible for foreign policy. In the United States, the president makes the decision to recognize a country and can do so by making a formal announcement or by having another official, such as the Secretary of State, make the announcement for him. Recognition can also be informal, such as by opening negotiations with a new state or exchanging diplomats with it.
A nation is not truly sovereign and independent unless other nations recognize its sovereignty. Formal recognition operates to assure a new state that it will be permitted to hold its place and rank as an independent political body among the nations.
Recognition takes effect from the time it is given as if the state had always existed, and a new government can carry forward international projects initiated by the old government it replaces.Many difficulties come into play when a government is not recognized. For example, an unrecognized government is not entitled to participate in diplomatic negotiations or to have its laws applied in lawsuits or in jurisdictions.
The term recognition is also used in relation to armed conflicts. If a state of belligerency is recognized, then the law of war applies with all of its protections for prisoners of war and noncombatants. Recognition of a state of belligerency ordinarily comes from an uninvolved state that declares itself neutral. A neutral country is able to recognize a state of belligerency and carry on trade and diplomatic relations with both sides of the conflict.
RECOGNITION, contracts. An acknowledgment that something which has been done
by one man in the name of another, was done by authority of the latter.
2. A recognition by the principal of the agency of another in the particular instance, or in similar instances, is evidence of the authority of the agent, so that the recognition may be either express or implied. As an instance of an implied recognition may be mentioned the case of one who subscribes policies in the name of another and, upon a loss happening, the latter pays the amount. 1 Camp. R. 43, n. a; 1 Esp. Cas. 61; 4 Camp. R. 88.