![]() ![]() An error of judgement by the buyer in this regard is not grounds for making the contract.Ĭondition: an essential or fundamental term in a contract. The buyer is responsible for ensuring that what they are acquiring under a contract is really what they want. Definitions may also or instead be post-defined, appearing in the body of any particular clause after a group of words, such as 'Duties are to commence between 6am and 8am ('Start Time')'.Ĭaveat Emptor: Latin, meaning let the buyer beware. The definitions may be pre-defined, appearing in a specific definitions clause, where each defined term is followed by the desired meaning of that term. By convention, such definitions are indicated by capitalising the first letter of each word in the term, such as 'Building' or 'High Value Property'. A breach of contract will make the whole thing Void and can lead to Damages being awarded against the breaching Party.Ĭapitalised Terms: A word or a group of words can be defined to have specific meaning in a contract, to prevent misinterpretation of that word or group of words. Usually implies a level of trust that the Parties to a contract are acting honestly without any hidden motives.īreach of Contract: failure by a Party to a contract to comply with one or more Conditions of the contract. Such a clause may prevent a Party from starting court proceedings at all or without first following the prescribed process.Īrbitration: a method of dispute resolution where a private tribunal determines the resolution of a dispute between the Parties to a contract.Īssignment / Novation: the Parties to a contract may, under agreed conditions, transfer or assign (novate) any of their liabilities, rights or obligations under the contract to a third party.īankruptcy: the official legal status of a person or organisation that cannot repay the debts owed to creditors.īona Fide: Latin, meaning in good faith. Contracts may contain a clause requiring the Parties to that contract to follow specific processes if a contract-related disagreement occurs. ![]() ![]() Arbitration, Mediation and negotiation are types of ADR. Below are some of the most important phrases you need to know.Īb Initio (Ab Init): Latin, meaning from the beginning.Īlternative Dispute Resolution (ADR): methods of attempting to resolve a dispute without going to court. ![]() You can visit our contract terminology glossary for a comprehensive list of legalese. In the meantime however, if you’ve ever been flummoxed by a legal contract term such as “force majeure” or “mutatis mutandis” then read on. It’s worth pointing out that it’s not exhaustive and you should still consult with a legal professional if you’re looking to create or amend an official document, even if it's edits to common contract terms. In order to help you overcome any unfamiliarity with clauses in a contract, we’ve created this handy jargon-buster, which outlines the commonly-understood meanings of contract terminology. This legalese can be a impenetrable to the layman and can create an unnecessary barrier to all parties being able to fully understand the content of a contract. There’s a broad range of contractual terms, including various latin phrases, which are used in legal documents and will be understood by those drafting them on behalf of businesses. Obligate funds in the amount of $95,180,669.00 to the contract.Įxtend the Period of Performance for Contract Line Items 11 & 12 from to l/3 1/2022, obligate funds in the amount of $7,400,000.00 to the contract, and correct the total amount obligated to CLIN 2 listed in Modification 678 to read $3,202,282,846.46.Assuming you’re not a legal professional, if you’ve ever read through a contract in detail, you’ll likely have come across a number of unfamiliar contract terminology that you’ve probably not seen in any other circumstances. Incorporate the attached FAR Deviation text in Section I of the contract as included in the Civilian Agency Acquisition Council (CAAC) Letter 2021-03. SC 20210002.Ĭorrect Modification 674 as stated herein. Department of Labor (DOL) Wage/General Decision No. Issue a change order revising the Statement of Work (SOW) and to clarify any associated changes to the contract terms. ![]()
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