A contract is generally understood to be a legal duty that is deliberately created by the obligor and the obligee. But that description misses many legal relationships that are similarly created and are essential to the institution of private ordering. Hohfeld referred to these non-duty relations ...
What Is Contract Negotiation? 3 Tips for Building Trust and Winning Deals Be clear and transparent during negotiation. Try to predict your buyer’s requests and know what concessions you’re willing to make. [Image by Adobe/Skyword] Aggressive sales tactics are a thing of the past. If you...
What is a clause in a contract used for? Almost any section of a contract that’s being used to specifically define the perimeters of the agreement could be considered a clause — but to better illustrate how they work, we’ve provided a few examples of how different clauses can be used...
No matter what type of contract you are planning to draft, it is helpful to consider if a Contract Lifecycle Management system would be beneficial. Drafting contracts is an important function for enterprises of all shapes and sizes, and having a plan in place tomanage the contract processfrom ...
required torepaymoney to the state. However, if the market value falls above the Cap within a defined period (e.g. one year), repayments are required to be made to the state. If the market value is below the Floor – and therefore below the corridor – the operator receives a subsidy...
Why contractors should keep a record of all COIs How long should I keep my COI? When should I ask for a COI? What’s the difference between a COI and an insurance policy? Why a certificate of insurance matters If you’re bidding on contract work, you will likely need a COI per the...
The advantage of a fixed-price contract is that both parties have clearly defined roles and responsibilities. The seller knows exactly what they are required to supply, and the buyer knows exactly how much to pay once the contract is complete. Fixed-price contracts are straightforward and easy ...
What is required to have a legally valid contract? ]Legal Elements For certain legal constructs in the United States, there are certain legal requirements, or elements, that must be established in order for the legal construct to arguably exist. Elements are common in both civil and legal const...
a foothold in the marketplace and compete with larger competitors without sinking all their resources into it. This is especially true for end-to-end services that handle everything from start to finish. Plus, contract manufacturers are more likely to give you accurate cost estimates and ...
The Kentucky state government is not requiring individuals to wear masks, so transacting business with someone not wearing a mask could be considered slightly less willful or wanton than in a state or city where masks are required.Another area to monitor is how Kentucky begins to implement its ...