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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

indefinite quantity contract

Law; Contracts

Agreement to furnish unspecified (but within certain limits) quantity of specific products or services during a stated period, delivered according to customer's orders.

indemnity

Law; Contracts

Undertaking given to compensate for (or to provide protection against) injury, loss, incurred penalties, or from a contingent liability. A shipping company, for example, will ask ...

independent contractor

Law; Contracts

Self-employed person (architect, consultant, engineer, etc.) who provides certain services to a second-party called the principal (or client or owner), or to a third-party on ...

independent guarantee

Law; Contracts

This is an alternative term for demand guarantee.

index-linked adjustment

Law; Contracts

A mechanism used in commercial transactions and rental agreements to adjust contract conditions in response to external monetary influences such as inflation or currency ...

indirect bank guarantee

Law; Contracts

That is issued by a correspondent bank (usually the guarantee beneficiary's bank) upon the counter-guarantee of the guarantee applicant's bank.

indexing

Law; Contracts

1. Contracting: Adjusting the terms of a long-term contract to account for the effects of inflation, so that neither party takes undue advantage, or unduly suffers the ...