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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

power of attorney

Law; Contracts

Written legal authority given by one party (the principal) to another (the agent or attorney-in-fact) to act on the principal's behalf. It may be a (1) General power Of attorney ...

pre-bid shopping

Law; Contracts

Negotiations by a buyer (a prime contractor) with sellers (trade contractors), to obtain lower prices for goods and services that are to be consumed in the performance of a ...

preemption right

Law; Contracts

1. Privilege granted in articles of association or bylaws of a firm under which the current stockholders (shareholders) are given the first option to buy a new issue of common ...

prepayment bond

Law; Contracts

Guaranty by a surety (usually a bank or insurance company) that any prepayment (such as for mobilization) made to a contractor will be secure.

prequalification

Law; Contracts

Preliminary stage in a bidding process where it is determined if an applicant has the requisite resources and experience to complete the job as required.

prequalification of bidders

Law; Contracts

Screening of potential contractors, suppliers, or vendors (on the basis of factors such as experience, financial ability, managerial ability, reputation, work history, etc.) to ...

price agreement

Law; Contracts

An agreement between a supplier and business customer regarding the pricing of a specific commodity. Unlike a quote that may expire or be changed at any time, an agreement is ...