Contract Definition

GLOSSARY

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What does Contract mean?

A contract is a legally binding promise (oral or in writing) by one person to fulfil an obligation to another person in return for consideration. A binding contract comprises four elements: offer, acceptance, consideration and intention to create legal relations.

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MVNO agreement—checklist

MVNO agreement—checklist This Checklist covers some of the main provisions to be included in a mobile virtual network operator (MVNO) agreement under which a mobile network operator supplier will provide wholesale access services to an MVNO for resale to its own retail customers. It covers some of the main provisions that are specific to an agreement of this kind. See also the Precedent: MVNO agreement. In this Checklist, the following definitions are used: • Agreement—means the MVNO agreement between the MVNO and the Supplier for the provision of the Services • End-User—means a customer of the MVNO • IPR—means intellectual property rights • MVNO—means mobile virtual network operator, the customer in the Agreement • Services—means the wholesale network services being provided to the MVNO by the Supplier • Supplier—means the mobile network operator providing network services to the MVNO The third column can be used to record observations or comments as the Checklist is worked through. Checklist Further information Notes (if any) General terms and conditions ☐ Consider duration....

ISDA documentation in a finance transaction—checklist

ISDA documentation in a finance transaction—checklist This checklist sets out the key ISDA documentary requirements which need to be considered during the course of a financing transaction. Term sheet stage • if acting for a borrower and specialist hedging advisors are instructed, get their input on the term sheet • if acting for a borrower, ensure that the overall pricing of the transaction is understood (across both the loan and the hedging). A borrower may choose a particular lender based on a low margin offered on the loan, but then find that the credit spread on the swap offered by the same lender means that the overall economics of the transaction are less attractive than those offered by a different lender • is the loan and hedging on an IBOR basis (eg EURIBOR) or on a risk free rate (eg SONIA)? Will the loan transition from an IBOR to a RFR during its term and, if so, how will the hedging be dealt with? • does the lender require a...

Procurement process—flowchart—worked example

Procurement process—flowchart—worked example This Procurement process flowchart shows the order in which a procurement may take place, together with the elements to be considered to ensure that a transparent and suitable procurement process is followed. It also identifies Precedents available to assist you with the procurement process. This Flowchart is a worked example and is not intended to be definitive. Different organisations may well have very different processes, but it provides a good starting or reference point. The contract value figures have been included for illustrative purposes only. This Flowchart should be read in conjunction with Practice Note: Procurement risk management guide which identifies five key risk management priorities for in-house lawyers supporting the procurement process. See also Precedent: Procurement policy—internal. Note 1 When deciding whether or not you can use a supplier who has previously supplied goods/services to another part of the organisation you should consider: • satisfaction with the supplier • uniformity or standardisation requirements • price efficiency/economies of scale • desirability of reducing reliance on one...

Interim payment in JCT Intermediate Building Contract 2024 and 2016—flowchart

Interim payment in JCT Intermediate Building Contract 2024 and 2016—flowchart This flowchart summarises the interim

Contracts required to be in writing

This Practice Note considers the specific situations where a contract is required by law to be in writing: assignments, contracts for the sale of land, equitable mortgages, assents, transfers of shares, transfers of intellectual property rights, and guarantees.When a written contract is beneficial or a necessityContracts can be formed in one of three ways:•orally•by conduct, or•‘under hand’ (in writing)For more information on contract formation, see: Formation and interpretation—overview.Simple contracts are created in any of the above manners in ‘simple form’, whereas deeds must be executed in ‘solemn form’. See Practice Notes: Deeds and Executing documents—deeds and simple contracts.There are certain situations when a written contract is required by law or is necessary to satisfy registration requirements. Contracts are required by statute to be made or evidenced in writing for:•assignments•contracts for the sale of land (as opposed to the actual conveyance, which must be by deed)•equitable mortgages•assents•transfers of shares•transfers of intellectual property rights•guarantees‘Writing’ is defined in schedule 1 to the Interpretation Act 1978 (IA 1978) to include:‘typing, printing, lithography, photography and...

Structure and form of commercial contracts

This Practice Note describes the structure and form of a business to business commercial contract or agreement. It outlines the form which commercial agreements generally take and explains what information should be included in the contract document, including in the parties, background (or recitals), main body, schedules and attestation sections.Form of commercial contractsHow a contract is formedA contract is a legally binding agreement that grants rights and creates duties between two or more parties. Contract law principles provide that for a contract to exist, four key elements must be present:•offer (see Practice Note: Forming enforceable contracts—offer)•acceptance (see Practice Note: Forming enforceable contracts—acceptance)•consideration (see Practice Note: Forming enforceable contracts—consideration), and•an intention to create legal relations (see Practice Note: Forming enforceable contracts—intention to create legal relations)Simple contracts v deedsSimple contracts may be created orally, by conduct or in writing.Certain types of simple contracts however must be created in writing. For details, see Practice Note: Contracts required to be in writing.Some agreements require greater formality and must be executed by deed. A deed...

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Confidentiality clauses

For insertion in a sale contract The Seller and the Buyer agree that: • except where such disclosure is required in order to comply with the requirements of any statutory or other competent authority [or for the purpose of any subsequent dealing with or financing of the Property or notification of occupational tenants], neither of them shall disclose to any third person[, except the

Property warranties (short-form) in an asset purchase

Property warranties and definitions to include in a short-form asset purchase agreement 1 Definitions In this Agreement, unless the context otherwise requires: Encumbrance means any mortgage, claim, charge (fixed or floating), pledge, lien, hypothecation, guarantee, right of set-off, trust, assignment, right of first refusal, right of pre-emption, option, restriction or other encumbrance or any legal or equitable third party right or interest including any security interest of any kind or any type of preferential arrangement (or any like agreement or arrangement creating any of the same or having similar effect) and Encumbrances means more than one of them; Freehold Properties ...

Dive into our 1699 Precedents related to Contract

What is motor vehicle or road traffic accident insurance?

What is motor vehicle or road traffic accident insurance? In the UK, motor insurance is a mandatory insurance policy for any vehicle owner or driver unless the vehicle is declared as off the road. There are heavy penalties, both civil and criminal, for uninsured drivers (who are caught). The mandatory insurance regime is intended to protect the general public (including pedestrians and other non-vehicle users) against personal injury and damage caused in a road traffic accident. Types of motor insurance policies The motor insurance market is split into three main types of insurance: third-party only; third-party fire and theft; and comprehensive policies: • third-party only policies provide the minimum level of cover required by the law, namely the Road Traffic Act 1988 (RTA 1988). RTA 1988 mandates that motor insurance must at the very least cover the risk of death, personal injury or property damage to third parties caused by the insured vehicle • third-party fire and theft provides third-party cover as described above but in addition...

Under section 2(1) of the draft Insurable Interest Bill, is there a need for a life insured at the outset of the Policy to be valid? Does section 2(5) allow for categories of lives being insured, even if there are not lives in these categories? Does section 2(5) apply to all life policies or group life policies?

Under section 2(1) of the draft Insurable Interest Bill, is there a need for a life insured at the outset of the Policy to be valid? Does section 2(5) allow for categories of lives being insured, even if there are not lives in these categories? Does section 2(5) apply to all life policies or group life policies? For the purposes of this Q&A, it has been assumed that the question is are referring to the Insurable Interest Bill dated June 2018. In conducting our research we have focussed on the Insurable Interest Bill dated June 2018. For this answer, we refer you to the following resources: • June 2018 Draft Insurable Interest Bill • June 2018 Accompanying notes to the draft Insurable Interest Bill Under section 2(1) of the draft Insurable Interest Bill, does there need to be a life insured at the outset of the Policy to be valid? Section 2(1) of the draft Insurable Interest Bill (the Bill) states: ‘A contract of life-related insurance is void unless at...

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Mansion House Speech 2024—key Pensions announcements and views from the market

In the Mansion House Speech 2024, delivered on 14 November 2024, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, announced that the government’s key priority is to increase investment in the UK economy, thereby improving economic growth. The government aims to boost the efficiency and capacity of the UK’s economy by working in partnership with businesses and specifically, with the financial services sector. Through the government’s reformed Office for Investment, there will be a proactive approach to working with investors to ensure capital is directed to the UK’s biggest growth opportunities. The Chancellor has set out wide-ranging government plans, focused on attracting investment from across the world and increasing private investment in the UK to grow the economy. Alongside economic stability and higher levels of investment, the government also wants to deliver the reforms needed to support growth. The Chancellor outlined a need for a ‘rebalance’ of the system – retaining important protections but pushing for growth and investment.

CCS announces procurement regulation changes and agreement extensions

The Crown Commercial Service (CCS) has revealed significant changes to its procurement timeline and agreement structures. The implementation of new procurement regulations has been postponed from 28 October 2024 to 24 February 2025. In response, several agreements originally slated for the new regulations will now proceed under the Public Contract Regulations 2015 (PCR 2015), SI 2015/102, including RM6361, RM6310, RM6353, and RM6360. Additionally, multiple agreements have been extended, with some receiving six month extensions (eg., RM6123, RM6168) and others nine month extensions (eg., RM6100, RM1043.8). The Procurement Act 2023 will not apply retroactively, resulting in a period where agreements will operate under both PCR 2015 and the new Act. These adjustments aim to ensure service continuity and provide certainty for stakeholders during the transition period.

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GLOSSARY