Contracts

Contracts

Contracts of all sorts.

Contributors in Contracts

Contracts

A situation that occurs when someone owns a building or structure, but not the land underneath that structure. In this case the owners of that structure must pay rent for occupying that land to the ...

Good faith

Law; Contracts

Effort made, information given, or transaction done, honestly and without a deliberate intention to defraud the other party. However, good-faith does not necessarily mean 'without negligence.' Also ...

Grandfather clause

Law; Contracts

Provision that exempts certain entities from the full impact of an agreement, rule, or statute on the basis of preexisting arrangements or practices. A firm, for example, may decide to raise its ...

Good faith efforts

Law; Contracts

Sustained efforts made with deliberate intention to produce desired or required results. Good-faith efforts do not necessarily include due-diligence.

Guaranteed maximum price (GMP)

Law; Contracts

Amount beyond which a client (project owner) is not obligated to compensate the contractor.

Grace period

Law; Contracts

Extra time allowed for meeting a requirement, satisfaction of an obligation, or implementation of agreement.

Fixed price contract

Law; Contracts

Contract that provides for a price which normally is not subject to any adjustment unless certain provisions (such as contract change, economic pricing, or defective pricing) are included in the ...