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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

officious bystander test

Law; Contracts

Technique for determining if an unexpressed condition was implied at the time a contract was drawn. In this test, an arbitrator or investigator tries to ascertain what would have ...

offtake agreement

Law; Contracts

An agreement entered between a producer and a buyer to buy/sell a certain amount of the future production. It is generally negotiated long before the construction of a facility to ...

open bid

Law; Contracts

1. Unsealed bid. 2. Bid submitted in response to open competitive bidding request.

open bidding

Law; Contracts

An alternative term for open competitive bidding.

open competitive bidding

Law; Contracts

Competitive bidding in which the bid opening is conducted at a public venue, and in the presence of all who may wish to witness the opening of the received sealed bids.

open contract

Law; Contracts

Whose terms do not constitute the entire agreement between the contracting parties and whose clauses or provisions can be changed or modified without mutual consent. Some ...

open end contract

Law; Contracts

Agreement to supply goods or services in which quantity to be supplied at the contracted price is not specified, and the buyer may purchase any amount during the life of the ...