What is the purpose of a fixed-price contract? The main purpose of a fixed-price contract is to establish a clear and firm price for the delivery of goods and services. They’re designed to reduce uncertainty and simplify thecontractingprocess, rather than complicating it with lots of variable...
An offer is a firm proposal ready to be accepted; the only thing missing is acceptance by the offeree. An invitation to bargain, however, is a willingness to negotiate. Goods in a store with price tags are typical examples of an invitation to bargain. The display of goods with the price...
Life insurance is a contract between an insurance company and a policy owner in which the insurer guarantees to pay a sum of money to one or more named beneficiaries when the insured person dies. In exchange, the policyholder pays premiums to the insurer during their lifetime. Thebest life ...
Aninterest rate swapis a type of financial contract that allows one party to pay (or receive) a fixed interest payment on some underlyingnotionalamount, while the other receives (or pays) a variable interest rate on the same underlying amount. These swaps may be entered for several reasons, ...
Cease and desist letters are commonly used as notice in cases involving intellectual property infringements, harassment, defamation, or contract breaches. The goal of such notices is typically to give legal notice of the recipient’s actions and a warning of a possible lawsuit if the behavior co...
This paper is divided into the following sections: 2. Business models, value chains and ecosystems 2.1. Business models A business model is the plan with the help of which a firm is able to make money. However, both academics and practitioners have gone far beyond the simplistic view of bus...
Some companies also waive these charges in event the account owner is confined to a nursing home or is diagnosed with a terminal illness.A deferred annuity quote or illustration will usually show the amount accumulated in your account at the end of each contract year. Because these are fixed ...
Contractor MarkupOften charged as apercentage of the total project costor afixed feethat accounts for the general contractor’s (GC)overheadandprofit This contract type is most common between a project owner and general contractor, though it may also be used with general contractors and specialty...
Suzanne Miller, president and CEO of Empire State Properties, a boutique real estate firm in midtown Manhattan, specializes in short-term furnished rentals. “We furnish the apartment and we usually include utilities,” she says. “We make it one fee so the furniture is included, utilities are...
The concept of Firm Offer has its roots in contract law, more specifically, in the common law concept of an option contract. An option contract is a promise to keep an offer open for a certain period of time in exchange for consideration. The Uniform Commercial Code modified the common law...