Contracts

Contracts

Contracts of all sorts.

Industry: Law; Real estate

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Contributors in Contracts

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Contracts

Participating risk

Law; Contracts

Probability of loss due to failure of the other party (or parties) to a contract to perform as required.

1. Established practises sanctioned by common acceptance and use. Even if not included in an agreement, past practises are understood to be its integral part and are enforced like express terms. 2. ...

Payment advice note

Law; Contracts

A note sent to a vendor or buyer that outlines the methods of payment that will be accepted. For example, a customer who subscribes to a free trial copy of a magazine may receive a payment advice ...

Payment bond

Law; Contracts

Deposit or guaranty (usually 20 percent of the bid amount) submitted by a successful bidder as a surety that (upon contract completion) all sums owed by it to its employees, suppliers, ...

Particular lien

Law; Contracts

Claim that requires satisfaction of a debt only in respect to the goods or property in possession of a lienor. For example, an unpaid auto mechanic has a lien on the repaired vehicle only up to the ...

Passive contract

Law; Contracts

Contract that comes into force (is executed) without any (or just one) party signing it. For example, the contract not to copy and sell a copyrighted book (or software) is executed by a buyer by ...

Partner's lien

Law; Contracts

Partner's right to apply the contributions of all other partners towards the partnership's debts, and to deduct such debts from what is owed to the partners by the partnership.