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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

purchase agreement

Law; Contracts

Legal document recording the final understanding of a purchaser who agrees to buy and a seller who agrees to sell the specified item(s) under stated terms and conditions.

responsible bidder

Law; Contracts

Contractor, supplier, or vendor, qualified on the basis that it (1) has adequate financial resources to perform a contract, (2) is able to comply with the associated legal or ...

responsive bidder

Law; Contracts

Responsible bidder whose solicited bid is determined to be in substantial conformance with the conditions, completion or delivery requirements, and specifications detailed in the ...

restitutio in integrum

Law; Contracts

Legal doctrine that the right to rescission of a contract is lost if the contracting parties cannot be restored to their respective positions before the contract was entered into. ...

restricted bidding

Law; Contracts

Invitation to bid (ITB) sent only to selected contractors, sellers, or vendors who have been pre-qualified through a screening process. Also called restricted tendering.

restricted funds

Law; Contracts

Grants or donations that require that the funds be used in a specific way or for a specific purpose. They can be considered a contract between the donating party and the receiving ...