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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

restrictive specification

Law; Contracts

Unique or non-standard specification that eliminates the possibility of competitive bidding for a commodity, good, or service.

retainage

Law; Contracts

Portion of a contract's final payment withheld by a principal (client or owner) until the project is complete in all respects, functioning satisfactorily according to the contract ...

retention bond

Law; Contracts

Type of performance bond that protects the customer after a job or project is finished. It guarantees that the contractor will carry out all necessary work to correct structural ...

retention clause

Law; Contracts

Provision in a contract that allows a customer to withhold a portion of the contract price until the determination that the project or goods meet the predetermined or standard ...

retroactive pricing

Law; Contracts

In contractual arrangements, pricing that reflects a contractor's performance and/or new cost data, and is computed after a certain portion or all of the contract work has been ...

revocable

Law; Contracts

Having the ability to be rescinded or withdrawn.

revocable living trust

Law; Contracts

An agreement expressing how an individual's property will be distributed and managed during their lifetime and after their death. The trust generally involves the grantor who ...