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AB ABSURDO  look up translate image
Latin: an evidentiary suggestion or statutory interpretation that is, or leads to, an absurdity.
ACCELERATION CLAUSE  look up translate image
A clause in a contract that states that if a payment is missed, or some other default occurs (such as the debtor becoming insolvent), then the contract is fully due immediately.
ACCEPTANCE  look up translate image
When you accept an offer, it must be an unconditional and unequivocal acceptance to the exact terms of the offer. If not, it becomes a counteroffer.
ACCORD AND SATISFACTION  look up translate image
The act of one party, having complied with its contractual obligation, accepting some type of compensation from the other party (usually money and of a lesser value) in lieu of enforcing the contract and holding the other party to their original obligation.
ACCREDITATION  look up translate image
Recognition issued by a national accrediting organization to behavioral healthcare and human services providers for their compliance with the established evaluation criteria for service quality. Commonly know accrediting organizati ons include the Rehabilitation Accreditation Commission (CARF), the Joint Commission on Accreditation of Healthcare Organizations (JCAHO), and the Council on Accreditation (COA).
ACQUIESCENCE  look up translate image
Action or inaction which binds a person legally even though it was not intended as such.
ADDENDUM  look up translate image
A document used to expand or more fully explain the terms of a solicitation which is incorporated as part o f the original solicitation. This modification becomes a legal part of the solicitation. This term should not be co nfused with a contract amendment as it is not used to change the terms of a contract.
ADHESION CONTRACT  look up translate image
A fine-print consumer form contract which is generally given to consumers at point-of-sale, with no opportunity for negotiation as to it's terms, and which, typically, sets out the terms and conditions of the sale to advantage the seller.
ADMINISTRATIVE STANDARDS  look up translate image
Criteria for evaluating a provider's compliance with contract provisions.
ADVANCE PAYMENTS  look up translate image
A payment situation whereby under certain circumstances it is possible to make a portion of the contract funds available to a provider prior to the delivery of services and or expenditure of funds by the provide r.
AGENCY  look up translate image
A fiduciary relationship between one person (a principal) and another (an agent) that the agent shall act on the principal's behalf.
AGENT  look up translate image
A person who has received the power to act on behalf of another, binding that other person as if he or she were themselves making the decisions.
ALEATORY CONTRACT  look up translate image
Civil law: a contract which depends on an uncertain event.
ALLONGE  look up translate image
A piece of paper which has been attached to a contract, a check or any promissory note, on which to add signatures because there is not enough room on the main document.
AMENDMENT  look up translate image
A document by which significant changes are made to the terms of an executed co ntract. Chang es requ irin g an amendment include, but are not limited to adjustments in costs, services, time period, and method of payment. The amendment is incorporated as part of the original contract.
ANIMUS CONTRAHENDI  look up translate image
Latin: an intention to contract.
ANTEDATE  look up translate image
To date back; retroactively.
ANTICHRESIS  look up translate image
Civil law: the pledge of real property as security for a debt.
ANTICIPATORY BREACH  look up translate image
When a party to a contract receives an indication from the other party that they intend on not performing their contractual obligations.
ARBITRATION  look up translate image
Arbitration clauses set up provisions whereby independent and binding arbitrators settle contractual disputes.
ARREARS  look up translate image
A debt that is not paid on the due date adds up and accumulates in arrears.
AS IS  look up translate image
That a product is sold in the condition in which it then exists.
ASSIGN  look up translate image
To sell, give or otherwise transfer some legal right or responsibility to another.
ASSUMPSIT  look up translate image
Medieval era action for breach of contract.
ATTACHMENT I  look up translate image
The unique, program-specific part of a contract that contains the statement of work for each provider including services to be provided, manner of service provision, method of payment, and special provisions.
AUDIT TRAIL  look up translate image
A recorded flow of transactions from initiation to finalization with supporting documentation to justify each transaction.
BAD FAITH  look up translate image
Intent to deceive. A person who intentionally tries to deceive or mislead another in order to gain some advantage.
BAILEE  look up translate image
The person who receives property through a contract of bailment, from the bailor, and who may be committed to certain duties of care towards the property while it remains in his or her possession.
BAILMENT  look up translate image
The transfer of possession of something (by the bailor) to another person (called the bailee) for some temporary purpose (eg. repair or storage) after which the property is either returned to the bailor or otherwise disposed of in accordance with the contract of bailment.
BAILOR  look up translate image
The person who temporarily transfers possession of property to another, the bailee, under a contract of bailment.
BATTLE OF THE FORMS  look up translate image
Two persons intending to contract but tendering differing form contracts rendering the conclusion as to the terms of the contract, or a determination as to whether there was a contract, difficult.
BEST VALUE  look up translate image
The highest overall value to the procuring agency based on objective factors determined by the p rocuring ag ency.
BID OPENING CLERK  look up translate image
The individual charged with the responsibility of receiving, logging, and opening bids.
BIDDER  look up translate image
See Offeror.
BIDDERS' CONFERENCE  look up translate image
See Offerors' Conference
BLUE-PENCIL SEVERANCE  look up translate image
Striking out an offending part of a legal document, such as a contract or a statute.
BOILERPLATE  look up translate image
Standard contract clauses use universal language as a type of template. Usually found at the end of a contract, boilerplate clauses include arbitration clauses, entire agreement clauses, and force majeure clauses.
BREACH  look up translate image
When one party of the contract accuses the other party of not following the terms of the contract. The statute of limitations for breach of contract is four years if written, but only two years if oral.
BREACH OF CONTRACT  look up translate image
A condition that results from the failure of a party to a contract to abide by all material terms or conditions of the contract such that one party loses the value of its bargain with the other party. Breach is a sufficient condition for contract termination but not an automatic reason.
BUDGET  look up translate image
A plan that outlines expected revenues and expenditures.
CALL FOR TENDERS  look up translate image
A property owner's invitation, sometimes at large, sometimes to a select group, for bids to complete a particular project.
CAVEAT EMPTOR  look up translate image
Let the buyer beware or that the buyers should examine and check for themselves things which they intend to purchase and that they cannot later hold the vendor responsible for the broken condition of the thing bought.
CERTAINTY OF TERMS  look up translate image
A legal requirement of a valid offer to contract; that it must be precise and definite in order to be subject to acceptance.
CERTIFICATION OF ASSURANCES  look up translate image
A wri tten and signed list of performance requirements and business conditions to which the potential vendor agrees to be bound.
See the definition of Debarment and Suspension, Certification Regarding.
A minority-owned business which has been certified by the certifying organization or jurisdiction in accordance with subsection 287.0943, F.S.
CHIROGRAPH  look up translate image
A medieval form of contract which allowed for several verifiable authentic versions.
CHOICE OF LAW CLAUSE  look up translate image
A term of a contract which sets the jurisdiction for dispute resolution, or the applicable law, in the event of any dispute between the conrtracting parties.
CIF  look up translate image
Transportation contract acronym for "cost, insurance and freight" usually in reference to the sale price being inclusive thereof.
CIVIL CODE  look up translate image
A document in civil law jurisdictions that purports to be a compendium of the applicable law as it pertains to the citizen.
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Glossary of common contract terms
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Created by admin
Created on 2012-07-30 04:03:45
Number of terms 301
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