contractual terms
Binding deal provisions
Contractual terms are the specific provisions, conditions, and obligations that make up an agreement between parties.
These include everything from payment schedules and delivery dates to warranties and termination clauses.
Some terms are explicitly negotiated while others may be implied by law or standard business practice.
If you violate the contractual terms, the other party may seek legal remedies.
Lawyers and businesspeople scrutinize contractual terms before signing to understand exactly what they're agreeing to.
- warrantiesWritten repair commitments
- non-compete clausesAgreements barring rival employment
- considerationCareful thought or compensation
- good faithSincere, honest intent
- legalityConformance with law
acceptance · offer · obligations · force majeure · representations · confidentiality agreements · due diligence · capacity · severability · notice periods · payment schedules · agreement · stipulation · conditions · indemnification · assumption of risk · clause · milestone
contractual termsgentleman's agreement
Informal pact based on trust
handshake deal · verbal agreement · oral agreement · honor system · word of honor
contractual termstacit understanding
Agreement conveyed without words
implicit agreement · unspoken agreement · unwritten rules · silent understanding · social conventions
contractual termsstatutory requirements
Obligations codified in legislation
legal mandates · moral duties · ethical obligations · fiduciary duties