Agreements & Contracts Terms and Definitions


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able
about
absolute assignment
abusive draw
acceptance
accord and satisfaction
accrual of obligation
accurate
acquiescence
act of law
action ex contractu
action ex delicto
actual authority
actual cost of work performed (ACWP)
actual cost of work performed contract
ad referendum
add-on clause
addendum
additional services
additive alternate bid
adequate competition
adequate consideration
adhesion contract
administrative change
advance commitment
advance payment bond
advance payment guarantee
advisory and assistance services
affirmation of contract
affreightment
agency by estoppel
agency problem
agent
agent ad litem
agreement
aleatory contract
allonge
alteration
alternative contract
ambiguous
ancillary guaranty
anticipatory avoidance
anticipatory breach
apparent authority
apparent low bidder
applicable convention
application for payment
appointment
approved bidders list
approved brand or equivalent specification
approved brand specification
approved change
approved-brands specification
arbitration
arbitration clause
arbitrator
architect
architect-engineer
architectural design
architectural drawing
architecture
arm's length price
article
as is
as-built drawings
assign
assignee
assignment
assignor
attorney in fact
authorized person
authorized unpriced work (AUW)
authorized work
automatic renewal clause
avoidance of contract
award
award of contract
award-term contract
awarding authority
back letter
back to back
back to back credit
backup data
bailee
bailment
bailment contract
bailor
balance to complete (BDC)
balancing payment
bank guaranty
bargaining chip
Basel Convention
baseline
baseline budget
basic ordering agreement
basket clause
best and final offer (BAFO)
best efforts
best endeavors
bid
bid and proposal (B&D) costs
bid bond
bid date
bid depository
bid division
bid division description
bid documents
bid evaluation
bid form
bid opening
bid package
bid price
bid requirements
bid rigging
bid sample
bid shopping
bid solicitation
bid threshold
bidder
bidding documents
bidding period
bidding requirements
bilateral
bilateral advance pricing arrangement (BAPA)
bilateral contract
bilateral discharge
bilateral mistake
bilateral modification
bilateral rights
bill of activities (BOA)
bill of labor
bill of materials (BOM)
bill of quantities (BOQ)
billing lag
bind
binder
blanket advertising contract
bona fides
bond
bond action
bond anticipation note (BAN)
bond of indemnity
bonded
bonded exchange
bonus-penalty clause
bottomry bond
brand name specification
breach of contract
breach of covenant
breach of warranty
break-even lease payment
budgeted cost of work performed (BCWP)
budgeted cost of work scheduled (BCWS)
build, lease, transfer (BLT)
build, own, operate, transfer (BOOT)
build-operate-transfer contract
buildability
building
bundling
buy-in
buy-in payment
buy-out payment
buying in
cancellable contract
cancellation ceiling
cancellation charge
cancellation clause
cardholder agreement
carveout
caveat subscriptor
certain contract
certainty of terms
certificate for payment
certificate of competency
certificate of completion
certificate of substantial completion
change fee
change of scope
change order
change order proposal
change order request
changed conditions
choice of law clause
claims
clause
click-wrap agreement
closed bidding
closed competitive bidding
closed contract
co-applicant
co-maker
co-sign
coercion
cognovit clause
collar
collateral contract
collateral contract doctrine
collective agreement
collusive bidding
commercial agent
commercial frustration
commercial item
commercial off the shelf (COTS)
commercially acceptable
commitment letter
competent party
competitive bidding
competitive negotiation
competitive proposals
competitive quotations
competitive range
competitive specifications
competitive tender
completed contract method
completed task
completion
completion guarantee
completion risk
completion test
completion undertaking
component
concealment
conceptual cost
condition
condition in deed
condition in law
condition precedent
condition subsequent
conditional acceptance
conditional contract
conditional endorsement
conditional offer
conditional payment
conditions concurrent
conditions of contract
conditions of satisfaction
conditions, covenants, and restrictions (CC&R)
conformance
consideration
conspicuous
constructability
constructability barriers
construction contract
construction cost
construction document phase
construction documents
construction industry
construction inspector
construction lender
construction loan
construction management
construction management contract
construction material
construction phase
construction risk
construction, alteration, repair (CAR)
constructive change
contestable period
continued portion of contract
contract
contract action
contract addendum
contract administration
contract audit
contract authority
contract award
contract bond
contract budget baseline
contract categories
contract ceiling
contract change authorization (CCA)
contract change notification (CCN)
contract change proposal (CCP)
contract closeout
contract closeout costs
contract cost analysis
contract date
contract documents
contract financing payments
contract guarantee
contract law
contract line item
contract logistics
contract maintenance
contract management
contract modification
contract of bailment
contract of employment
contract of indemnity
contract of sale
contract of service
contract over-run
contract owner
contract payment bond
contract performance bond
contract period
contract price
contract price analysis
contract price baseline
contract procedures
contract receipts
contract requirements
contract revenues
contract risk
contract settlement
contract sum
contract target cost (CTC)
contract termination
contract theory
contract time
contract to purchase
contract under-run
contract value
contractability
contractee
contracting party
contractor
contractor acquired property
contractor furnished property
contractor's all risks insurance
contractor's option
contractor-owned, contractor-operated (CO-CO)
Contracts for International Sale of Goods (CISG)
contractual capacity
contractual instrument
contractual liability
contractual relationship
contractual services
convenience termination clause
cooling-off rule
cost estimate
cost of poor quality
cost of quality
cost of work
cost overrun
cost plus award fee (CPAF) contract
cost plus contract
cost plus fixed fee (CPFF) contract
cost plus incentive fee (CPIF) contract
cost proposal
cost realism
cost realism analysis
cost reimbursement
cost reimbursement contract
cost sharing contract
cost substantiation
cost underrun
cost validation
cost verification
coterminus
could cost
counter guarantee
counter indemnity
course of performance
covenant not to sue
crashing
cross-collateral clause
cross-offer
cutoff date
cutoff point
daily construction report
damage limitation clause
data package
date of agreement
date of commencement of the work
date of substantial completion
day
default
default probability
default probability plan
default risk
defeasible title
defective contract
defective performance
deficiency
deficiency agreement
deficiency letter
deficiency performance
definite quantity contract
definite term contract
definitization
definitized item
delay
delay allowance
delegable duty
delegation
delegatus non potest delegare
deliverable
delivered price
delivery order contract
delivery terms
delivery timeliness
demand guarantee
demise charter
deobligation
derivative contract
design basis
design brief
design development phase
design, bid, build
design-build (D-B) contract
design-build-operate-maintain contract
developmental license
deviation
deviation criteria
deviation permit
dictum meum pactum
disaffirmance
discharge of contract
discrepancy
dispute resolution agreement
disruption
divisible contract
doctrine of scrivener's error
donee beneficiary
down selection
draft request for proposals
drop dead
dual contract
duties of agent and principal
duty
e-tendering
earned value cost control
earned value management
economic paradigm
economic price adjustment
either/or facility
employment contract
enabling clause
end item
end product
engineering change
entitlement offer
entity purchase agreement
escalation clause
escape clause
essence of contract
estimated cost at completion
estimating
estimating rationale
estimating relationship
estimating system
evergreen contract
exception clause
exclusion
exclusion clause
exclusive agency agreement
exclusive agreement
exclusive dealership agreement
exclusive distribution
exclusive license
exclusive listing
exclusive right to sell listing
exculpatory clause
executed agreement
executed consideration
executed contract
executory consideration
executory contract
executory cost
exemption clause
exhibit
explicit contract
explicit cost
express authority
express contract
express warranty
extended warranty
extension clause
failed trade
failure of consideration
fair trade
fast tracking
feasibility analysis
feasibility phase
feasibility study
fee
field order
field report
filing deadline
financial guarantee
financial obligation
firm bid
firm commitment
firm fixed price contract
firm offer
firm order
firm price contract
firm quotation
fixed price contract
fixed price contract with economic price adjustment
fixed price contract with price escalation
fixed price incentive contract
fixed price redeterminable contract
floating-rate contract
follow on
force account work
force majeure
forfeiture of bond
formal bid
formal contract
forward pricing
forward supply contract
franchise agreement
fraudulent concealment
freedom of contract
freelance
friendly loan
front end specifications
frustration
frustration of contract
full service contractor
future performance
general conditions
general contract
general contract provisions
general contractor
general specification
gentlemen's agreement
gift with reservation
gift-leaseback
global pricing contract
good faith
good faith efforts
grace period
grandfather clause
ground rent arrangement
guarantee
guaranteed maximum price (GMP)
guarantor
guaranty
Habendum Clause
hardship clause
hell or high water
hell or high water clause
hereunder

hold harmless clause
hold order
holdback
horizontal agreement
horizontal discount
illegal contract
illusory promise
implicit contract
implied contract
implied contract of employment
implied indemnity
implied notice
implied repudiation
implied term
implied trust
implied warranty
implied warranty of fitness for a particular purpose
implied-in-fact contract
implied-in-law contract
implosion of bill of materials
impossibility of performance
impracticability
incentive contract
incentive-type contract
inchoate contract
incumbency certificate
indefinite quantity contract
indemnity
independent contractor
index-linked adjustment
indexing
indirect bank guarantee
indivisible contract
inducement
ineligible bidder
informal bid
informal contract
innominate contract
innominate term
insolvency clause
inspection clause
installment contract
instruction to pay
integration
integration clause
integration rule
intentional set-off
interchange agreement
interest arbitration
intermediate term
inure
invitation for bid (IFB)
invitation to bid (ITB)
invitation to tender
job costing
justification and approval
Kyoto Convention
labor hour contract
lapse of offer
last accepted rates (LAR)
latitude
law of contract
lease agreement
lease contract
lease utilization
leasee
legal disability
legal injury
legal liability
legally binding
leonine clause
letter contract
letter of agreement
letter of award
letter of commitment
letter of indemnity
letter of intent (LOI)
letter of interest (LOI)
letter of refusal
leveraged lease
lien
lienee
lienholder
limitation of cost clause
limitation of damages clause
limitation of funds clause
limited guarantee
limited occupancy agreement
listing
loss of bargain rule
lost profits
lowest responsible bidder
lump sum bid
lump sum contract
main contractor
maintenance bond
maintenance contract
maintenance of membership clause
managed service
management contract
management contractor
management information system (MIS)
managing contractor
master agreement
material breach
material contract terms
maturity date
mechanic's lien
meeting of minds
memorandum of agreement
memorandum of understanding (MOU)
milestone billing
mirror image rule
missing specifications
mobilization
mobilization base
modular bill of materials
modular contracts
mortgage servicing rights (MSR)
most favored customer
multi-step competitive bidding
multilateral agreement
Multilateral Environmental Agreements (MEAs)
multiple award
mutual mistake
mutuality of contract
naked contract
NCND agreement
negligent misrepresentation
negotiated contract
negotiated procedure
negotiation
no bid
no contest clause
no cost change
no cost contract
no oral modification clause
no-sale price
no-shop clause
nominal quotation
non compos mentis
non cost data
non-circumvention, non-disclosure (NCND) agreement
non-compete clause
non-disparagement agreement
non-performance
non-response bid
nonconformance
nonconformity
not in contract (NIC)
not to exceed (NTE)
notice of cessation
notice of completion
notice of nonresponsibility
notice of termination
notice to proceed (NTP)
objective theory of contract
obligee
obligor
occupancy phase
of the essence
offer
offeror
officious bystander test
offtake agreement
open bid
open bidding
open competitive bidding
open contract
open end contract
open procedure
open tender
operating cost
operative
operative words
optimal contract
option
option to renew
or equal
or near offer (ONO)
oral contract
order for account
order of discharge
out of scope change
output
output contract
over and above work
over-certification
owner
package deal
parol contract
part performance
partial payment
partial performance
partial settlement
partial termination
participating risk
particular lien
partner's lien
passive contract
past practices
payment advice note
payment bond
payout period
pecuniary liability
penal bond
penalty and bonus clause
penalty clause
percentage of completion method
perfect tender
perfect tender rule
performance
performance bond
performance of contract
performance specification
performance standby
permanent lender
permanent loan
physical completion
piggyback right
planned value
planning estimate
planning factor
planning horizon
planning package
possessor in bad faith
possessor in good faith
possessory lien
post bid shopping
post tender negotiations
post-merger integration
postpone
potential termination liability
power of attorney
pre-award survey
pre-bid shopping
preemption right
prepayment bond
prequalification
prequalification of bidders
price agreement
price analysis
price and availability (P&A) data
price and availability (P&A) study
price negotiation memorandum (PNM)
price protection
priced bill of material
pricing agreement
pricing arrangement
primary liability
primary obligation
prime contract
prime contractor
principal
privity of contract
procurement request
procurement requirement
procuring authority
professional services contract
profit objective
progressive payments
project contracts
project delivery system
project financing
project owner
promoter
proposal
proposal evaluation
proposal evaluation criteria
psychological contract
public bid opening
public tender
punch list
punitive action
purchase agreement
qualification requirement
qualification test
qualified
qualified bidder
qualified equipment
qualified products
qualitative requirements
quantitative requirements
quantity survey
quotation
quotation expiration date
quote
ratchet clause
realization factor
reasonable payment
reciprocal agreement
record drawings
recurring effort
rejected bid
release condition
replacement
repudiation
request for bids (RFB)
request for information (RFI)
request for proposals (RFP)
request for quotations (RFQ)
request for technical proposals
request for tenders
requirements contract
rescind
rescission
rescission of contract
resource plan
responsible bidder
responsive bidder
restitutio in integrum
restricted funds
restricted tendering
restrictive specification
retainage
retention bond
retention clause
retroactive pricing
revocable
revocable living trust
rider
right of first refusal
rights arbitration
risk allocation
risk diversification
sales agreement
Sales And Purchase Agreement (SPA)
sans recourse endorsement
satisfaction
satisfaction of lien
scheduling agreement
schematic design phase
scope
scope change
scope creep
scope of work
Scrivener's error
sealed bid
sealed bid auction
secondary liability
secondary obligation
sectoral reciprocity
security deposit
service agreement
service contract
service level agreement
settled account
settlement cost
settlement proposal
settlement value
severability clause
severable
severable contract
several liability
severance
severance of contract
shared savings
shipping terms
should-cost estimate
simple contract
single source procurement
single sourcing
soft cost
sole source
sole source acquisition
sole sourcing
source selection
special conditions
special lien
specific goods
specific lien
specification (spec)
standard adders
standard contract
standard details
standard form contract
standard job
standard purchase specifications
standard specification
statement of work (SOW)
statutory lien
statutory obligation
stipulated sum agreement
stipulation
stop work order
strategic procurement
strict joint and several liability
subcontract
subcontractor
subcontractor bond
subjective theory of contract
substantial completion
substantial performance
substantial performance doctrine
subsurety
subsuretyship
super lien
superturnkey
supplemental
supplemental agreement
supplemental conditions
supplementary service
supplier evaluation
supplier financing
supplier quality assurance
support obligation
supporting data
supporting document
supporting schedule
surety bond
sweetheart agreement
synallagmatic contract
tailoring
take and pay contract
take or pay contract
takeout
takeout commitment
target cost
task description
task order
task type contract
technical default
technical proposal
technical specifications
tender
tender conditions
tender of delivery
tender offer
term
term contract
terminated portion of the contract
termination
termination claim
termination clause
termination for cause
termination for convenience
termination for default
termination liability
terms of reference
third party beneficiary
third party transaction
throughput contract
time
time and materials (T&M) contract
time is of the essence
time of completion
tolling contract
total cost of a contract
total potential cost of a contract
trade contractor
trading partner agreement (TPA)
traditional contracting
treble damages
tripartite agreement
turnkey
turnkey contract
turnkey pricing
two tier sealed bidding
unallowable cost
unbundling
unconscionable contract
underbid
underrun
unenforceable contract
unfair contract term
unfilled order
unforeseen condition
unilateral
unilateral change
unilateral contract
unit price
unit price contract
unpaid seller's lien
unsolicited proposal
vendor file
vendor's lien
vicarious liability
vicarious performance
Vickrey auction
vis major
vitiating factor
void contract
voidable contract
waiver of demand
waiver of exemption
warehouse-keeper's lien
warranty
warranty bond
warranty coverage
warranty period
where is as is
will cost
work
work authorization
work in process
work in progress
work order
work request
work scope
written consent
yellow dog contract
zero dollar contract
zone of possible agreement
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