performance of contract
Definition
Execution of a contract by which the contracting parties are automatically discharged (see discharge of contract) of their obligations under it. Although contracts usually call for full and precise performance, a substantial performance may be acceptable under certain circumstances, on a pro rata basis, or on payment of damages for the unfinished or defective performance.
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performance of contract is in the Agreements & Contracts, Banking, Commerce & Finance and Purchasing & Procurement subjects.
performance of contract appears in the definition of the following term: discharge of contract
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