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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

lienee

Law; Contracts

Debtor or party on whose assets or property a lien is being held by a creditor or claimant (the 'lienor'). Also called lienholder.

lien

Law; Contracts

Creditor's conditional right of ownership (called security interest) against a debtor's asset or property that bars its sale or transfer without paying off the creditor. In a ...

no-sale price

Law; Contracts

Minimum acceptable price below which no award or order will be entertained by the supplier.

no-shop clause

Law; Contracts

A clause included in an agreement or letter of intent between an owner and a prospective buyer that requires the suspension of any solicitation, discussion or negotiation with ...

non compos mentis

Law; Contracts

Mental state of a contracting party that prevents it from possessing sufficient understanding to comprehend the extent, meaning, and nature of his or her obligations under the ...

nominal quotation

Law; Contracts

Buying or selling price given as an indication of value but not as an bid or offer.

non cost data

Law; Contracts

That does not contain any cost information but which includes significant facts necessary in describing what is being costed. For example, assumptions, schedules, specifications, ...