What happens when a term used in the contract is not defined? Such terms and conditions will identify the rights and responsibilities of both parties. For example, you sign a contract in which you agree to sell your house to your next-door neighbor for $1. An agreement between private parties creating mutual obligations enforceable by law. Where you do not capitalize a defined term, and there is a definition of that term in the contract, you cannot know whether the word is to be interpreted as defined in the contract, or not. Contract, Cost-Plus-A-Fixed-Fee: A cost-reimbursement type contract that provides for the payment of a fixed fee to the vendor.

When the plain meaning of a word lends itself to only one reasonable interpretation, that interpretation controls ..... 11 c. The contract should be viewed in light of the circumstances Defined Terms. If a term is defined in a separate contract or document, use the defined term (capitalised) and add “(as defined in…)” immediately following the first instance where the defined term is used. Liquidated damages, also referred to as "liquidated and ascertained damages" (LADs) are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g. That does not in and of itself result in an ambiguity. Define contract term. What is a business day - statutory definition.
Regarding use of the word parties as a defined term, MSCD 2.42 says the following: [D]o not use the defined term the Parties.It ostensibly spares the drafter from having to refer throughout a contract to the parties to this agreement, but one can simply refer to the parties, because such a reference could not conceivably be construed to mean the parties to some other agreement. Most people use a sea-freight term such as FOB or CIF when consigning goods by air or road freight. admissible to define an unexplained term ..... 10 ii. They only include the amounts calculated using rates and percentages in the contract data and other amounts at open market/ tendered /discounted rates. term contract: A written agreement which explicitly states a fixed duration that the contract will be in effect. Each term gives rise to a contractual obligation and breach of which can give rise to litigation.

In this contract, "Practical Completion" appeared as a defined term, but later references to "practical completion" were not consistently capitalised. A defined term used in the ECC and other NEC4 contracts to give the parties a definition of Contractor’s cost for different use in different main options. contract term synonyms, contract term pronunciation, contract term … Terms and Conditions: An Overview. Contract Administration Office (CAO): The organization assigned responsibility for ensuring that the contractor complies with the terms and conditions of the contract. Express Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recitals hereto are used herein as therein defined.The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. lawyers often create a defined term, the 'Agreement." The word "contract" is also more precise than "agreement," since all contracts are agreements, but not all agreements are contracts.

Do not include part or all of the term being defined in the text of your definition. "Breach of contract" is a legal term that describes the violation of a contract or an agreement that occurs when one party fails to fulfill its promises according to the provisions of the agreement. 2. For example the term "Contract" may be defined in the agreement as the agreement itself, but this term may also be used in the document where it has its dictionary meaning - for e.g.
Sometimes it involves interfering with the ability of another party to fulfill his duties. Contracts and Agreements Legal Terms and Definitions Glossary. Likewise, a contract may be voided if one party has committed fraud or exerted undue influence over another.