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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

penalty and bonus clause

Law; Contracts

Provision in a contract under which the contractor is obligated to pay a penalty for late completion and is entitled to receive a bonus for early completion.

penalty clause

Law; Contracts

Provision in a contract that imposes a specified sum on the defaulting contracting party for a specified default.

percentage of completion method

Law; Contracts

Revenue recognition method for a contract completed over more than one accounting period. In this method, a portion of the total contract revenue and a portion of the estimated ...

perfect tender

Law; Contracts

Performance of a supply contract through the timely and full delivery of goods that meet the customer specifications.

perfect tender rule

Law; Contracts

That a buyer may reject the delivery of goods that do not meet the specified quality standards or delivery schedule, or are not in the required quantity.

performance

Law; Contracts

The accomplishment of a given task measured against preset known standards of accuracy, completeness, cost, and speed. In a contract, performance is deemed to be the fulfillment ...

performance bond

Law; Contracts

A written guaranty from a third party guarantor (usually a bank or an insurance company) submitted to a principal (client or customer) by a contractor on winning the bid. A ...