Contracts

Contracts

Contracts of all sorts.

Contributors in Contracts

Contracts

Type of performance bond that protects the customer after a job or project is finished. It guarantees that the contractor will carry out all necessary work to correct structural and/or other defects ...

Responsive bidder

Law; Contracts

Responsible bidder whose solicited bid is determined to be in substantial conformance with the conditions, completion or delivery requirements, and specifications detailed in the invitation-to-bid ...

Retainage

Law; Contracts

Portion of a contract's final payment withheld by a principal (client or owner) until the project is complete in all respects, functioning satisfactorily according to the contract terms, and all ...

Restricted bidding

Law; Contracts

Invitation to bid (ITB) sent only to selected contractors, sellers, or vendors who have been pre-qualified through a screening process. Also called restricted tendering.

Guaranty

Law; Contracts

1. General: Written undertaking that something is of a specified benefit, content, or quality, or that it will provide satisfaction or will perform a duty or obligation in a specified manner. 2. ...

Hell or high water

Law; Contracts

Absolute commitment, without a reciprocal promise or a contractual defense.

Guarantor

Law; Contracts

Person or firm that endorses a three party agreement to guarantee that promises made by the first party (the principal) to the second party (client or lender) will be fulfilled, and assumes liability ...