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Jun 11, 2018 · Contract terminology Glossary. Y ou can visit our contract terminology glossary for a comprehensive list of legalese. Below are some of the most important phrases you need to know. Ab Initio (Ab Init): Latin, meaning from the beginning. Alternative Dispute Resolution (ADR): methods of attempting to resolve a dispute without going to court.
- What Are The Main Principles of Contract Interpretation?
- What Is An Order of Precedence Or Priority Clause?
- What Is A Condition Precedent?
- What Is An Implied term?
- Contractual Interpretation - How Can I Protect My position?
Words will be given their natural and ordinary meaning
The starting point will be a straightforward objective reading of the actual words of the contract - what does it actually say, on the ordinary meaning of the words that have been used?
An objective approach - but with knowledge of context
In short, this means that interpretation will be based on an understanding of the contract by a reasonable hypothetical person who was aware of the relevant context of the contract and the factual background at the time the contract was entered into.
Business common sense will be applied when appropriate - to avoid an uncommercial result
Where wording is ambiguous and there is more than one possible meaning, the court is likely to adopt the interpretation that better reflects commercial or business common sense, as long asthis does not conflict with the natural meaning of the words used. The factual context and relevant background may become relevant here - as this should help the court to work out which meaning better reflects commercial common sense.
Commercial contracts are often complex, comprising numerous documents e.g. terms and conditions, specification, schedules etc. An order of precedence or priority clause specifies the weight that is to be applied to the various documents forming the contract. This could be important in cases where there is an inconsistency between the documents. As ...
This is a clause which either makes the agreement itself conditional on certain matters (as an example, a contract for the sale of land where the purchase is conditional on the vendor obtaining planning permission by a specified date) or a clause which renders the operation of certain contractual clauses conditional upon certain matters (e.g. a con...
This is a term that has not been expressly agreed/written down by the parties but is implied into the contract, either on the basis of statute or through case law. This is a complex area, which is still developing through the decisions of the higher courts. Some of the key principles are: 1. A term will only be implied if it is necessary to give bu...
During the pre-contract stage, make your intentions entirely clear in terms of what you are prepared to agree; and then ensure that your requirements are reflected in the contract wording. Once the contract is finalised, remember that - in most cases - you will be held to the natural and ordinary meaning of the language that you have used. Being sp...
Jul 25, 2023 · Contract terminology is the specific vocabulary used to make sure contracts are legally binding. Some contract words are Latin, while many terms are wordy, which can make them harder to follow. But each of the contract language terms creates a commitment for everyone involved. If these aren’t worded properly your contracts will be unclear and ...
Feb 6, 2012 · Published Online February 6, 2012. Last Edited October 30, 2020. A contract is a legally binding agreement between two or more persons for a particular purpose. It is an instrument for the economic exchange of goods and services. In Canada, contract law is administered both in common law and, in Quebec, civil law.
A common method of handling a default is to provide a cure period. In these cases, the non-breaching party delivers a detailed, written notice to the breaching party of its default. If the breaching party does not cure the default within the time frame set forth in the agreement, then the non-breaching party has the right to terminate the ...
Contract management. Contract management software is used to manage the creation, negotiation, signature, renewal and data analysis of legal contracts. It enables business teams to self-serve, agree and manage routine contracts at scale from one unified workspace. Contract management typically refers more to the parts of the process that happen ...
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Whether you use an agreement, engagement letter or some other form of contract, ensure that you address all the relevant issues for your circumstances. Below is a list of important items that may form part of your contract. We have also identified potential issues and provided sample contract clauses. 1.
