9 Terms
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Contracts
Contracts of all sorts.
Industry: Law; Real estate
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Contracts
Non-compete clause
Law; Contracts
Provision in a business sale agreement that restricts the seller from starting or working in a similar business for a certain number of years (typically three) in a specified geographical area.
Not to exceed (NTE)
Law; Contracts
In contract negotiations, the commitment by the vendor that the value of an interim estimate (plus contingency allowances) will not exceed the amount of the firm proposal and estimates to be ...
Notice of completion
Law; Contracts
Written notice issued by the owner of a project (or his or her agent) to notify concerned parties that all work on the project has been completed. This notice also sets the period within which ...
Not in contract (NIC)
Law; Contracts
Item or object shown on a contract drawing only for reference, and which does not form a part of the drawing.
Non-response bid
Law; Contracts
Bid that does not fulfil the requirements of an invitation to bid, offers, proposals, tenders, etc.
Non-performance
Law; Contracts
Failure of a party to abide by or fulfil the terms of a contract, a failure which may lead to a breach of contract.
Nonconformance
Law; Contracts
Non-fulfillment of specified requirements. See also defect, and imperfection.
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