Contracts

Contracts

Contracts of all sorts.

Industry: Law; Real estate

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Contracts

Apparent low bidder

Law; Contracts

Respondent to an invitation to bid (ITB) who, on the cursory examination of the received bids, has submitted the lowest competitive bid.

Approved bidders list

Law; Contracts

List of contractors who have fulfilled the requirements of pre-qualification criteria. Such contractors are called qualified bidders or contractors.

Appointment

Law; Contracts

Principal's action that authorises an agent to act on the principal's behalf. Disposing of a property, by exercising powers conferred for the purpose.

Guarantee (standby credit) arranged to secure a contractor's or seller's performance at the same time a guarantee (standby credit) is arranged to secure the owner's or buyer's payment. Also called ...

Backup data

Law; Contracts

1. Detailed information supporting a bid, estimate, or proposal. Also called support data. 2. Duplicate (redundant) copy of data saved during a backup session, and available as replacement of damaged ...

Bailee

Law; Contracts

A person who receives property by way of bailment.

Back letter

Law; Contracts

Subsidiary or supplemental agreement (contract) between two or more parties drawn up to document their obligations and/or rights that (for whatever reason) could not be included in the original or ...