Contracts

Contracts

Contracts of all sorts.

Contributors in Contracts

Contracts

Oral or written invitation to prospective suppliers to submit a bid on materials or services. ITB is only a solicitation, and does not qualify as an offer because the party making it does not wish to ...

Invitation for bid (IFB)

Law; Contracts

A part of the sealed bid process. Companies or government organisations give in-depth specifications for projects and invite contractors to bid their proposals for various projects. The sealed bids ...

Labour hour contract

Law; Contracts

Type of 'time and material' contract in which the required materials neither are included in the contract nor are they supplied by the contractor. The owner (principal) of the contract supplies the ...

Justification and approval

Law; Contracts

Contracting document which details the rationale in opting for a non-competitive contract award instead of open competition.

Last accepted rates (LAR)

Law; Contracts

Prices accepted for identical or similar items in the previous tenders.

Material contract terms

Law; Contracts

The essential terms of a sales contract. Material contact terms include a description of the item sold, the price, the quantity, and the delivery date.

Material breach

Law; Contracts

Substantial failure in the performance of a contract, significant enough to release the aggrieved party from its obligation and accrues to it the right to sue for damages.