Contracts

Contracts

Contracts of all sorts.

Industry: Law; Real estate

Add a new term

Contributors in Contracts

Become a Contributors

Contracts

Implied-in-law contract

Law; Contracts

Fictional contract imposed by a court as a legal remedy to prevent injustice. It is forced in favour of the wronged party, and against the party that obtains an undue advantage or gains at the ...

Impracticability

Law; Contracts

Situation where the performance of a duty (although not impossible) becomes excessively more difficult or expensive than it could have been anticipated. See also impossibility.

Lowest responsible bidder

Law; Contracts

Qualified bidder with the lowest or best bid price, and whose business and financial capabilities, past performance, and reputation meet the required standards.

Single bid that covers (without providing a cost breakdown) all cost, such as for equipment, labor, material, overheads, and services. It also includes the contractor's fee (profit) for completing ...

Maintenance bond

Law; Contracts

Legally enforceable written agreement whereby a contractor or craftsman guarantees against defects in workmanship and/or materials for a certain period after completion of a contract or job.

Lump sum contract

Law; Contracts

A contract under which a principal (customer or owner) agrees to pay a contractor a specified amount for completing work without requiring a cost breakdown.