Deutsch: Vertrag / Español: Contrato / Português: Contrato / Français: Contrat / Italiano: Contratto
In common law legal systems, a contract is an agreement having a lawful object entered into voluntarily by two or more parties, each of whom intends to create one or more legal obligations between them. The elements of a contract are "offer" and "acceptance" by "competent persons" having legal capacity who exchange "consideration" to create "mutuality of obligation."
In the industrial and industry context, a contract is a legally binding agreement between two or more parties, typically involving the exchange of goods, services, or information. Contracts are widely used in various industries to establish the terms and conditions of business relationships and to ensure compliance and accountability.
Examples of the use of contracts in the industrial context include:
- Supply contracts, used to specify the terms and conditions of the purchase and delivery of goods or materials between two parties.
- Service contracts, used to specify the terms and conditions of the provision of services, such as maintenance, repair, or consulting, between two parties.
- Employment contracts, used to specify the terms and conditions of employment, such as salary, benefits, and job responsibilities, between an employer and an employee.
- Construction contracts, used to specify the terms and conditions of the design, construction, and completion of buildings, roads, and other infrastructure projects.
Contracts play a critical role in many industrial and manufacturing operations, as they provide a clear and enforceable framework for business relationships and transactions. Understanding and using contracts effectively is important for industrial companies to ensure compliance with laws and regulations, protect their rights and interests, and improve their competitiveness and profitability.
Related Articles to the term 'Contract' | |
| 'Offer' | ■■■■■■■■■■ |
| An offer in the industrial context refers to a formal proposal by a supplier to provide goods or services . . . Read More | |
| 'Business' | ■■■■■■■■■ |
| Business (plural: Businesses) is the social science of managing people to organize and maintain collective . . . Read More | |
| 'Client' | ■■■■■■■■ |
| A client in the industrial context refers to a business or individual that purchases products or services . . . Read More | |
| 'Facility' | ■■■■■■■ |
| Facility: The term facility refers to a building, installation, establishment or set of equipment built, . . . Read More | |
| 'Adaptability' at psychology-lexicon.com | ■■■■■■■ |
| Adaptability in psychology refers to an individual’s ability to adjust thoughts, behaviors, and emotions . . . Read More | |
| 'Supplier' | ■■■■■■ |
| Supplier is characterized as a trader who supplies products to a buyer for eventual export. . . . Read More | |
| 'Employer' | ■■■■■■ |
| Employer refers to an individual or organization that hires employees to perform specific jobs or tasks . . . Read More | |
| 'Privacy' at psychology-lexicon.com | ■■■■■■ |
| Privacy in the psychology context refers to an individual's right to control access to their personal . . . Read More | |
| 'Negotiation' | ■■■■■ |
| Negotiation in the industrial context refers to the process by which two or more parties (eg. businesses, . . . Read More | |
| 'Disruption' | ■■■■■ |
| Disruption in the industrial context refers to a significant disturbance or interruption in the normal . . . Read More | |