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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

letter of award

Law; Contracts

Written confirmation of an award of a contract by a customer (owner or principal) to a successful bidder, stating the amount of the award, the award date, and when the contract ...

letter of intent (LOI)

Law; Contracts

Interim agreement that summarizes the main points of a proposed deal, or confirms that a certain course of action is going to be taken. Normally, it does not constitute a ...

letter of indemnity

Law; Contracts

A written undertaking by a third party (such as a bank or insurance company), on behalf of one of the parties (the first party) to a transaction or contract, to cover the other ...

letter of refusal

Law; Contracts

Written statement obtained by a main or prime contractor from a subcontractor or vendor who is refusing to comply with some specific requirement of the contract. It must clearly ...

letter of interest (LOI)

Law; Contracts

1. Contracting: Written-response solicited from contractors or vendors through advertisements. It is often employed in pre-qualifying the respondents for specific services, based ...

liability without fault

Law; Contracts

This is an alternative term for strict liability.

leveraged lease

Law; Contracts

Three-party lease contract under which a lessor borrows some or most of the funds to finance the asset to be leased to a lessee. In this arrangement, (1) financing provided by the ...