Contracts

Contracts

Contracts of all sorts.

Industry: Law; Real estate

Add a new term

Contributors in Contracts

Become a Contributors

Contracts

Open bid

Law; Contracts

1. Unsealed bid. 2. Bid submitted in response to open competitive bidding request.

Operative words

Law; Contracts

Precise words through which the objective of an instrument is achieved.

Percentage of completion method

Law; Contracts

Revenue recognition method for a contract completed over more than one accounting period. In this method, a portion of the total contract revenue and a portion of the estimated contract costs is ...

The accomplishment of a given task measured against preset known standards of accuracy, completeness, cost, and speed. In a contract, performance is deemed to be the fulfilment of an obligation, in a ...

Penalty and bonus clause

Law; Contracts

Provision in a contract under which the contractor is obligated to pay a penalty for late completion and is entitled to receive a bonus for early completion.

Perfect tender rule

Law; Contracts

That a buyer may reject the delivery of goods that do not meet the specified quality standards or delivery schedule, or are not in the required quantity.