Contracts

Contracts

Contracts of all sorts.

Industry: Law; Real estate

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Contracts

Privity of contract

Law; Contracts

Legal doctrine that a contract confers rights and imposes liabilities only on its contracting parties. They, and not any third-party, can sue each other (or be sued) under the terms of the contracts.

Prime contract

Law; Contracts

Contract held either by the owner (contracee or principal) of a project, or by a main or primary contractor having full responsibility for the job.

Resource plan

Law; Contracts

Detailed summary of all types of resources (equipment, finance, personnel, time, etc.) required to complete a specific task, such as product development.

1. Declaration or clearly communicated intention by a party to a voidable contract that it is exercising its right to terminate (rescind) the contract. It is an irrevocable step that frees the other ...

Request for technical proposals

Law; Contracts

Document used in two-step bidding process through which only technical information is solicited. After selecting the most suitable proposals, the advertiser or customer invites those respondents to ...

Request for tenders

Law; Contracts

Initiating step of a competitive tendering process in which qualified suppliers or contractors are invited to submit sealed bids for construction or for supply of specific and clearly defined goods ...

Requirements contract

Law; Contracts

Supply contract under which a seller commits to fulfil a buyer's entire requirements for certain goods or services at specified prices, during the contract period. Opposite of output contract.