Non adimpleti contractus is a Latin term that refers to a contract that has not been fulfilled or completed, potentially making the breaching party liable for compensation. Exception non adimpleti contractus is an exception where one party may be released from legal obligations if the other party fails to comply with the agreement. The term […]
An entire contract requires all parts to be agreed upon and cannot be changed or removed. Parties must fulfill their duties before asking others to perform tasks, and the contract can terminate if they cannot. Verbal agreements are not recognized, and the clause can be used in various industries. An entire contract, also known as […]
A written contract outlines an agreement between two parties, which can be individuals, companies, or organizations. It ensures understanding and commitment to comply with provisions, protects both parties from breach of contract, and provides proof of an agreement. Self-employed individuals and independent contractors should have a standard agreement for each client to sign, and requesting […]
A listing contract is an agreement between a property owner and a real estate broker for the sale of a property. There are three types of agency: exclusive right to sell, exclusive agency, and open agency. The exclusive right to sell is the most secure for brokers, while open agency offers little protection. A listing […]
A cost-plus contract allows a contractor to be paid for all expenses up to a set limit, with the possibility of additional compensation. There are four variations, including a fixed fee, incentive rate, award fee, and percentage of cost agreement. This type of contract is more common in business and government agencies, but may be […]
To become a contract administrator, a bachelor’s or master’s degree in law, business, accounting, or economics is required, along with business experience and potential certification. Starting in other administrative roles and gaining marketable skills is recommended, as well as being prepared for seniority-based promotions and industry-specific training. To become a contract administrator for most companies, […]
The completed contract method records income and expenses of a project only when it’s complete, mainly used for long-term contracts. It affects tax payments and is an exception to accounting standards. The percent complete method is more common, and tax requirements may affect which method can be used. The completed contract method is an accounting […]
An employment contract outlines the terms of an agreement between an employer and employee, including job responsibilities, benefits, non-compete clauses, and probationary periods. It provides written documentation for both parties and recourse in case of inadequate performance. Many types of jobs require what is known as a contract of employment or contract of employment. In […]
Contract carriers have specific contracts with select shippers to transport goods and people, while common carriers accept shipments from anyone. Contract carriers offer specialized services and have agreements with shippers regarding the types of shipments and shipping charges. They may be as small as one person or as large as an international company. A contract […]
Contract negotiation involves discussions to reach a written agreement on a business matter, often involving employment or services. Negotiations involve high-level executives and can take years. Incentives and penalties can be included in commercial contracts. A contract negotiation is any discussion, in person or by electronic means, that has the primary goal of reaching a […]
A contractual joint venture is an agreement between two parties for a specific business project, where they work together in partnership and share profits or losses. The joint venture agreement outlines contributions, functions, dispute resolution, and regulatory and tax implications. A contractual joint venture is an agreement in which two parties meet for a particular […]
A contract purchase involves buying an existing contract from the current owner, often seen in employment contracts. It can benefit both parties, allowing employees to pursue other opportunities and employers to recover their investment. A contract purchase is a transaction that involves purchasing an existing contract from the current owner. This type of activity is […]
A contract unit is a preset amount of the subject of a contract, often used in reference to standardized futures contracts, with different units for different products. Standardization facilitates participation in futures contracts, reducing negotiation time. The term can also be used in reference to forward contracts. A contract unit is a legal term that […]
Contract management involves negotiating and ensuring compliance with supplier contracts. Effective practices result in lower costs, efficient services, and a stronger bargaining position. It includes limits, discounts, and performance clauses, and requires daily tracking, performance management, and follow-up with vendors to claim benefits. The term contract management is typically used in purchasing or purchasing departments. […]
A psychological contract describes the expectations between a company and its workers, and can also apply to other relationships. It starts in the interview process and can change over time due to business alterations, which can lead to dissatisfaction. A psychological contract is an economic and psychological concept which generally explains the relational dynamics between […]
Modified endowment contracts are life insurance policies where premiums exceed guidelines, resulting in rapid cash value growth. Prior to 1988, policyholders accessed tax-free policy loans, but the law was amended to tax distributions for anything other than death benefits. Cash value can be withdrawn or contracted at a prime rate of interest, but fees make […]
An interior design contract outlines the terms of the relationship between a designer and client, including project scope, fees, and dispute resolution options. It is recommended to review and tailor the contract carefully, with the assistance of a solicitor for major projects. An interior design contract is a legal document that spells out the terms […]
Temporary employment contracts specify the type of work and conditions for temporary workers, with the agreement between the employer and employee or an employment agency. The agency acts as an intermediary and handles wage payments, while temporary workers usually receive similar pay to permanent employees but without entitlements. Employment contracts act as a binding document […]
A publishing contract outlines the terms of a publishing company’s agreement to publish a writer’s work, including payment, ownership of rights, and responsibilities of both parties. Negotiations are often done by the writer’s agent, and it is recommended that writers have an attorney review the contract. A publishing contract is a legal agreement that sets […]
A part-time employment contract outlines the terms and conditions of a professional relationship between an employer and employee, but is not always required. It typically includes salary, expected hours, and job duties, and can be terminated by either party at any time. A part-time employment contract is an agreement between an employer and an employee […]
