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Letter contract

Preliminary contractual document which, with or without specifying the agreed to price or amount, authorises a contractor to begin immediately with the job or project. A letter contract obligates the customer (principal) to either prepare the final (definitive) contract within the specified timeframe, or to reimburse the contractor for costs incurred under the letter.

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  • Part of Speech: noun
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  • Industry/Domain: Law
  • Category: Contracts
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