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Unit 6B

Unit 6B - Understanding Contracts (TOLES)

TermDefinition
the delivery of goods/services the part of the contract that gives a specific time and date for when certain obligations must be carried out. It might also specify where these obligations will be carried out.
the key obligations the part of a contract that sets out the most important thing that the parties have agreed to do under the contract.
the parties the part of the contract containing the name of the people or companies who are entering into the contract.
the recitals the part of a contract that gives the background information to the contract. It often states why the parties are entering into an agreement.
the defined terms the part of the contract that gives a precise explanation of how the parties will interpret certain words used in the contract.
a schedule an extra document that is attached to the contract giving information that is too detailed to be included in the body of the contract.
incorporated means to be formed into a registered company
hereinafter means later in this document
manufacture means to make or produce something
retailers people of companies who sell things in their shops directly to the public
operates means runs or manages a business
a chain is a number of shops or offices run by the same business or company
outlets are somewhere where goods or services are sold, such as shops
said means already mentioned
set out means written
to serve notice / a notice on someone
the terms and conditions set out in an agreement
to enter into a contract
to carry out an obligation
to make an agreement
to run / operate a business
to be engaged in a particular business / occupation
the parties to an agreement / contract // ‘Who are the parties to this contract?’
subject to terms and conditions // ‘The Company agrees to supply the Buyer with goods subject to the terms and conditions set out in this Agreement.’
to suggest an amendment to a document // ‘I suggest an amendment to clause 6.’
to enter into a contract // ‘Did you enter into this contract voluntarily?’
an agreement is between the Publisher and the Distributor.
to draw someone’s attention to something // ‘Can I draw your attention to what you said in your email?’
reference to the singular includes a reference to the plural and vice versa if the contract refers to one of something, such as a component of a machine, that word included components – the contract doesn’t need to use both words each time that term is used.
reference to a gender includes a reference to the opposite gender if the word he/him/man is used in this contract, that word also means she/her/woman.
reference to a party includes a reference to its servants and agents every time one of the parties to the contract is mentioned, for example, the Company, the name of that party will be understood to include all of that party’s employees
headings are used for the purpose of reference only and do not form part of these conditions the title of a contract clause, for example, payment terms or termination is not included as part of the terms and conditions of the contract.
to provide a precise definition of a word
to be the subject of a contract // ‘Goods shall mean the goods that are the subject of any contract between the parties.’
to refer to something // ‘Where the masculine is referred to in this contract it shall include the feminine.’
to supply goods/services to someone // ‘Our company supplies electricity to the London area.
to be a person who is under a contract of employment/service // ‘He is under a contract of employment to a big recording company in Los Angeles for the next six months.’
to work for a company or organisation // ‘I work for an international law firm in Hong Kong.’
to act on behalf of someone else // ‘Any servant or agent who is authorised to act on behalf of the principal.’
to trade under a particular name // ‘That company went out of business last year but they are now trading under a new name.’
goods/services supplied by a company // ‘Any goods supplied by your company must meet European Union safety regulations.’
to be subject to something // ‘The price of the Goods is not subject negotiations.’
to be entrusted with doing something or dealing with a person // ‘I am entrusting you with a very important new client.’
agents are the people who are authorised to act on behalf of a principal. The principal is one of the parties to the contract
issued to be issued with something means to be given something in the correct way or using the correct procedure
servants are employees
hereof means of this contract
sums payable means the amounts of money owed.
fields means areas
hirer a person who pays money in exchange for permission to use something for a certain period of time.
Schedule a document attached to a contract. It forms part of the contract and contains specific information about what the parties are agreeing to do.
set out written or stated
sum the amount of money
hereby by this contract
here to to this contract
hereinafter later in this document
premises a building or a part of a building that used for something in particular
to hold a party or an event somewhere
in consideration of something // ‘In consideration of the sum specified in Schedule A.’
to get to a place by a certain rout // ‘I get to London by the M1 Motorway.’
in exchange for something // ‘I will give you 1000 pounds in exchange for your car.’
to agree to do something/exchange something under a contract // ‘You agreed to buy my car under the terms of our contract.’
to do something between certain hours or days // ‘You may use these rooms between 8pm and 2am.
duration term
total aggregate
faulty defective
obtaining or purchase procurement
year annum
defective equipment or goods
to do something by certain means // ‘My house is heated by means of solar power.’
to have/perform duties under an agreement/contract // ‘Under the term of this agreement you are obliged to give 14 days’ notice of termination.’
during/throughout the term of an agreement // ‘During the Term of this agreement the Hirer will pay 450 pounds per month.’
to advise/enquire as to the reason for something // ‘Can I enquire as to your reasons for starting litigation?’
to be on the premises // ‘How many people work on the premises?
to be inclusive of something // ‘Is this price inclusive of tax?’
to do something in writing // ‘Either party may terminate this contract by giving 14 days’ notice in writing.’
the be the hirer of something // ‘The Hirer of the equipment must pay a deposit.’
pay for something in advance // ‘I paid for the hotel conference room three month in advance.’
of the essence means something of the greatest importance
free on board is a term known as an ‘Incoterm’. An Incoterm is a term used in international trade contracts and its meaning is internationally agreed.
to set a deadline a deadline is a time or date before which a particular task must be finished or a particular thing must be done.
to perform an obligation
to keep to an agreement
to be in breach of contract occurs when one party in a binding agreement fails to deliver according to the terms of the agreement
a specified date some stated that on the specified date, they ' celebrated ' their birthday
to bear a cost means “to pay for something.”
to incur a cost to lose money, owe money, or have to pay money as a result of doing something. incur costs/expense/expenses
to comply with laws/regulations/rules in general, compliance means conforming to a rule, such as a specification, policy, standard or law
to load goods onto a ship/plane/lorry to take goods off a vehicle such as a truck or ship.
failure by either party to do something // ‘Failure by either party to comply with this clause will result in termination of the contract.’
to agree to something // ‘The parties agree to the following terms and conditions.’
transport of goods // ‘Transport of all Goods specified in Schedule A will be by rail.’
the costs incurred in doing something // ‘Any costs incurred in importing the Goods will be borne by the Customer.’
to be liable for something // ‘The Supplier will not be liable for any loss causes by late delivery of the Goods.’
to be on board a ship // ‘The Goods will be transported on board The Pride of Noway.’
damage caused to goods in transit // ‘The Company will be liable for any damage caused to Goods in transit.’
to be for guidance // ‘The information does not form part of the contract but is for guidance only.’
arising from an event // ‘The Company will be liable for any direct loss arising from late delivery.’
to do something within a certain time period // ‘The Customer shall notify the Company of any damage to Goods within 48 hours of delivery.’
Created by: bactra
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