Contracts

Contracts

Contracts of all sorts.

Contributors in Contracts

Contracts

Specific period, stipulated in a construction contract, that follows the construction phase. During this phase the contractor is required to ensure the equipment, material, and workmanship meets the ...

Objective theory of contract

Law; Contracts

Modern (late 19th century) legal concept that a binding agreement exists between two (or more) parties if a reasonable person would judge (from the outward and objective acts of the parties and the ...

Notice of termination

Law; Contracts

A type of notice that an employer may provide regarding the date that the employment contract of an employee will end. Reasons for ending an employee's employment could include such things as ...

Notice to proceed (NTP)

Law; Contracts

Letter from a principal (client or owner) to a contractor stating the date the contractor can begin work subject to the conditions of the contract. The performance time of the contract starts from ...

Obligee

Law; Contracts

Obliging party (bond holder, creditor, lender, insurance policy holder, etc.) in whose favour a promise is made or an obligation is entered into by an obligor, under the terms of an agreement. Also ...

Of the essence

Law; Contracts

Principal requirement or a provision so important that, if it is not satisfied in a diligent manner, may constitute a breach of the contract. For example, time is said to be of the essence in most ...