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Law

Of or pertaining to the system of rules which a particular country or community recognizes as regulating the actions of its members and which it may enforce by the imposition of penalties.

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Law > Contracts

fixed price redeterminable contract

Law; Contracts

Type of fixed-price contract which provides for a review and retroactive or prospective revision of the contract price during or at completion of the contract. Also called fixed ...

good faith efforts

Law; Contracts

Sustained efforts made with deliberate intention to produce desired or required results. Good-faith efforts do not necessarily include due-diligence.

good faith

Law; Contracts

Effort made, information given, or transaction done, honestly and without a deliberate intention to defraud the other party. However, good-faith does not necessarily mean 'without ...

global pricing contract

Law; Contracts

Contract stipulating a supplier must charge the same price to customers around the world for the delivery of parts and services. In an increasingly global market, this practice is ...

gift-leaseback

Law; Contracts

Arrangement in which the ownership of property or assets are transferred to a beneficiary or trust. When the ownership has been given to the designated party, the original owner ...

gift with reservation

Law; Contracts

Condition attached to a gift or transfer of asset that benefits the original owner in some way. Commonly used to transfer ownership of property or other assets to an intended ...

gentlemen's agreement

Law; Contracts

Informal, oral understanding resting on the sense of personal honor of the involved parties. Generally, such agreements are not enforceable through courts.