Contracts

Contracts

Contracts of all sorts.

Industry: Law; Real estate

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Contracts

Fixed price redeterminable contract

Law; Contracts

Type of fixed-price contract which provides for a review and retroactive or prospective revision of the contract price during or at completion of the contract. Also called fixed price contract with ...

Estimating

Law; Contracts

In general, computation of a price with regard to time and resource requirements upon which a firm quotation is based.

Estimating rationale

Law; Contracts

Basis or reasoning used in developing an estimate that makes it credible or valid.

Firm commitment

Law; Contracts

Oral or written commitment under which a party voluntarily binds itself to a certain offer or performance of an act for a specified period.

Latent defect

Law; Contracts

A hidden flaw, weakness or imperfection in an article which a seller knows about, but the buyer cannot discover by reasonable inspection. It includes a hidden defect in the title to land, such as an ...