Contract Vocabulary

Some important words to check out in a contract:

1 agreement.n. in the interests of (person etc); for (person etc);
2 default.n. invalid; without legal force; not binding
3 liable.adj. this needs to be completed before something else.
4 article.n. a particular statement or stipulation in a contract
5 party.n. In the following part (of this document etc)
6 condition.n. up until now; until the present; before this
7 fulfil.v: when a customer is unable to pay an agreed price.
8hereinafter: an arrangement between two or more people, countries
9heretofore legally responsible for causing damage or injury
10on behalf of the person or persons forming one side of an agreement
11null and void to satisfy a condition; to complete the required task; Online English Tuition ©

Contract Agreement
Supplier: The Office Furniture Company
Customer: National Bank, London
Contract agreement:
1. Definition of Terms:
a. “Products” refers to all those items listed on the price listing spread sheet and any item
supplied by The Office Furniture Companyhereinafter.
b. “Supplier” refers to The Office Furniture Company.
c. “Buyer” refers to National Bank, London.
d. “Stock” refers to the items purchased by the buyer.
2. . Duration of the Contract
a) The Contract enters into effect on the date it is signed by each party and has a fixed term
ending on December 31st 2014. This contract may be altered at any time by the supplier to
suit availability of product and shipment.
b) The contract can be terminated at any time by the supplier and any deal made heretofore
become null and void, at no extra cost of the supplier. The supplier is not liable to pay any
compensation to the buyer.

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