Contracts

Contracts

Contracts of all sorts.

Industry: Law; Real estate

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Contracts

guaranty

Law; Contracts

1. General: Written undertaking that something is of a specified benefit, content, or quality, or that it will provide satisfaction or will perform a duty or obligation in a specified manner. 2. ...

Person or firm that endorses a three party agreement to guarantee that promises made by the first party (the principal) to the second party (client or lender) will be fulfilled, and assumes liability ...

guarantee phase

Law; Contracts

This is an alternative term for occupancy phase.

guaranteed maximum price (GMP)

Law; Contracts

Amount beyond which a client (project owner) is not obligated to compensate the contractor.

guarantee

Law; Contracts

In general, another way of spelling guaranty.

ground rent arrangement

Law; Contracts

A situation that occurs when someone owns a building or structure, but not the land underneath that structure. In this case the owners of that structure must pay rent for occupying that land to the ...

grandfather clause

Law; Contracts

Provision that exempts certain entities from the full impact of an agreement, rule, or statute on the basis of preexisting arrangements or practices. A firm, for example, may decide to raise its ...