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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

impossibility of performance

Law; Contracts

1. UK: Impossibility is generally not an excuse for performance of a contract, and the obligor is liable for damages. However, if an event (beyond the control of either party) ...

implosion of bill of materials

Law; Contracts

Process in which the requirements of a top-level or higher-level object or plan are determined from the consolidated requirements of the lower-level (sub) objects or plans. For ...

impracticability

Law; Contracts

Situation where the performance of a duty (although not impossible) becomes excessively more difficult or expensive than it could have been anticipated. See also impossibility.

incentive contract

Law; Contracts

An alternative term for incentive type contract.

incentive-type contract

Law; Contracts

Fixed price or cost reimbursement contract in which a target cost, price, or fee (profit) is used as a point of departure for various monetary-incentives (subject to a maximum ...

inchoate contract

Law; Contracts

Not yet executed by all the contracting parties.

incumbency certificate

Law; Contracts

An official document that identifies and authorizes certain individuals to execute binding agreements on behalf of the corporation. The certificate acts as confirmation that the ...