Contracts

Contracts

Contracts of all sorts.

Industry: Law; Real estate

Add a new term

Contributors in Contracts

Become a Contributors

Contracts

Profit objective

Law; Contracts

That part of a procurement contract price which the buyer and seller try to negotiate as the appropriate level of profit for the seller.

Promoter

Law; Contracts

Entity that plans a project or formation of a new firm, and then sells or promotes the plan or idea to others.

Ratchet clause

Law; Contracts

1. Contracts: Provision under which the contract-associated rights of the involved parties are adjusted according to an agreed upon formula upon completion of a part or stage of the contract. 2. ...

Reasonable payment

Law; Contracts

That, in its amount and nature, is consistent with the payments normally made for the same or similar goods or services.

1. Contracts: A formal statement of promise (submitted usually in response to a request for quotation) by potential supplier to supply the goods or services required by a buyer, at specified prices, ...

Reciprocal agreement

Law; Contracts

1. General: Quid pro quo arrangement in which two or more parties agree to share their resources in an emergency or to achieve a common objective. 2. Data backup: Whereby two departments or ...

Quotation expiration date

Law; Contracts

Placed on a quotation for products or services after which the quoted price is no longer enforceable. Some quotes eliminate the need for a quotation expiration date by including a phrase advising ...