The oboloo Team

What is a Risk Register? Definition Introduction A risk register is a document that identifies, assesses, and tracks risks to an organization. It’s used in project management to proactively handle potential problems that could arise during a project. Risk registers are important because they help organizations avoid or mitigate risks, which can save time and […]

What is a Service Level Agreement (Sla)? Definition A service level agreement (SLA) is a contract between a service provider and a customer that specifies the nature and quality of the service to be provided. The main purpose of an SLA is to hold the service provider accountable for meeting certain standards, such as uptime […]

What is Risk Of Loss? Definition Risk of loss is the legal term for who is responsible for an item during transport. If the item is damaged or destroyed during transport, the risk of loss transfers to the party who is responsible for the item. This means that the party who is responsible for the […]

What is Repudiation? Definition In the business world, there are many terms that get thrown around. Some are essential to know and others, not so much. Repudiation is a term that you need to be familiar with if you want to stay ahead of the game. In this blog post, we will explore the definition […]

What is Rescind? Definition The term “rescind” is often used in the legal field, particularly in contracts. But what does it actually mean? In general, to rescind something means to cancel it or make it void. In the context of a contract, this would mean that both parties are released from their obligations under the […]

What are Contract Renewal Reminders? Definition You might be familiar with the term “contract renewal reminder” if you’ve ever been a customer of a company that provides a service on a contractual basis. If you’re not familiar with the term, though, a contract renewal reminder is exactly what it sounds like: it’s a notice from […]

What is a Renewal Term? Definition If you’ve ever come across the term “renewal term,” you may have been left wondering what it actually means. A renewal term is a specified period of time during which an insurance policy may be renewed. The length of a renewal term can vary depending on the type of […]

What is a Recital in Contract Management? Definition A recital in contract management is a short paragraph at the beginning of the agreement that sets forth the intention of the parties. It is not legally binding, but it can be helpful in interpreting the contract later on. The use of recitals is particularly common in […]

What is Receivership? Definition In business, the term “receivership” has a specific meaning. It is a legal status that a company can be put into when it is unable to pay its debts. A receiver is appointed by the court to take control of the company’s assets and affairs, and to try to sell them […]

What is Pro Rata? Definition When it comes to business, there are a lot of terms that get thrown around. Some of them are essential to know, while others are more specific and only come up in certain situations. Pro rata is one of those terms. In short, pro rata is a Latin term that […]

What are Plain Language Contracts? Definition Plain language contracts are documents that are easy to read and understand. They use words that are familiar to the average person, and they are free of legal jargon. Plain language contracts are becoming more common in a variety of industries, as they are seen as a way to […]

What does Preamble mean? Definition Preamble (noun): a preliminary or introductory statement; a preface. The word “preamble” has been used in English since the early 1400s. It comes from the Latin word praeambulum, which means “a walk before.” The original meaning of preamble was “an introductory statement or explanation.” In modern usage, a preamble is […]

What is Quid Pro Quo? Definition Quid pro quo is a Latin phrase that means “something for something.” In other words, it’s an equal exchange of goods or services. This concept is often used in business deals, where each party agrees to give something in order to receive something else of equal value. For example, […]

What is Pro Tempore? Definition Pro tempore is a Latin phrase that literally means “for the time being.” In other words, it refers to someone who is acting in place of another person or in the absence of that person. The term is often used in business settings, as well as in government and politics. […]

What is Personally Identifiable information (PII)? Definition PII stands for Personally Identifiable Information, and it refers to any data that could potentially identify a specific individual. PII can include things like name, address, date of birth, Social Security number, and more. In the age of big data, PII is more important than ever before. With […]

What is a Penalty Clause? Definition A penalty clause is a contractual provision that establishes a predetermined amount of damages to be paid by one party to the other in the event of a breach of contract. Penalty clauses are typically found in construction contracts, loan agreements, and leases. They are designed to deter one […]

What is an Outcomes Based Contract? Definition In business, there is often a lot of talk about “contracts.” But what exactly is a contract? And, more importantly, what is an outcomes based contract? In this blog post, we will explore the definition of an outcomes based contract. We’ll discuss what it is, how it works, […]

What is Optical Character Recognition (OCR)? Definition Optical Character Recognition, or OCR, is the process of converting scanned images of text into text that can be read and edited by a computer. OCR technology is used in a variety of settings, including banks, schools, and offices. While OCR technology has been around for some time, […]

What is an Online Contract Negotiation? Definition Online contract negotiation is the process of negotiating the terms of a contract online, typically between two businesses. It can also refer to the act of negotiating the terms of an online purchase, such as when buying a car or home. The term “online contract negotiation” can be […]

Novate Contract & Contract Novation Definition A contract is a legally binding agreement between two or more parties. This agreement can be made in writing, orally, or through conduct. The term “contract” often refers to a written document, but it can also refer to an oral agreement or a course of conduct between two parties. […]

What is a Non-Disclosure Agreement (NDA)? Definition A non-disclosure agreement (NDA) is a formal contract between two parties that establishes a confidential relationship. The purpose of an NDA is to protect information from being disclosed without the permission of the person who owns the information. An NDA can be used in a variety of situations, […]

What is Mutatis Mutandis? Definition In Latin, the phrase mutatis mutandis means “the necessary changes having been made”. It is used to indicate that, although there may be some differences, the overall situation is similar enough to warrant the same response. The phrase is often used in legal contexts, as well as in business and […]

What is Natural Language Processing? Definition Natural Language Processing (NLP) is a subfield of Artificial Intelligence that deals with the interaction between humans and computers using natural language. The goals of NLP are to develop techniques to enable computers to automatically process and understand large amounts of natural language data. This includes tasks such as […]

What is Misrepresentation? Definition Misrepresentation is a false or misleading statement that is made about a product or service. It can be an intentional lie or an unintentional error. A misrepresentation can be made in advertising, on labels, in contracts, and even in conversation. If you’ve ever been misled by a salesperson or advertiser, then […]

What is a Material Breach? Definition When it comes to business contracts, a material breach is defined as a failure to perform contractual obligations in a manner that would deprive the other party of the benefit they expected from the contract. This can be a result of either an intentional act or negligence on the […]

What is a Material Contract Breach? Definition In business, a contract is an agreement between two parties to provide or receive goods, services, or payment. Each party agrees to do (or not do) something in exchange for the other party’s actions. However, sometimes one party doesn’t uphold their end of the agreement. This is called […]

What is a Master Service Agreement (MSA)? Definition In business, a Master Service Agreement (MSA) is a contract between two parties that establishes the terms and conditions under which one party will provide services to the other. An MSA can be used in a variety of business relationships, but is most commonly seen in outsourcing […]

What is Memorandum of Understanding? Definition A Memorandum of Understanding, also known as an MoU, is a document that two parties use to agree to work together on a specific project or to exchange information. The MoU spells out the expectations, roles, and responsibilities of each party. It can be used for business relationships, research […]

What is Mass Actions? Definition What is mass actions? What does it mean for a company or individual to take mass action? In short, mass actions are a type of civil disobedience where people engage in peaceful protests or acts of defiance en masse. The goal is usually to send a message or bring awareness […]

What is Mala Fide? Definition Mala fide is a Latin phrase meaning “in bad faith”. It is used to describe someone who has deliberately acted in a dishonest or malicious way. The term is often used in legal contexts, specifically in contract law. When someone is said to have breached their contract mala fide, it […]

What is Liquidation? Definition Liquidation is the process of selling off assets in order to pay back creditors. This can happen either voluntarily, through bankruptcy, or involuntarily, through foreclosure. In either case, liquidation is a last resort option for businesses or individuals who are unable to pay their debts. While liquidation may seem like a […]

What is Market Testing? Definition Market testing is the process of assessing customer reaction to a product or service before it is launched. The purpose of market testing is to determine whether there is a potential market for the product or service and what features of the offering are most appealing to consumers. Market testing […]

What is Limitation of Liability? Definition You’ve probably seen the phrase “limitation of liability” before, but do you know what it actually means? In short, limitation of liability is a legal term that refers to the extent to which someone can be held liable for damages. This definition may seem straightforward enough, but the concept […]

What is Litigation? Definition Lawsuits are a dime a dozen these days. We see them in the news, on television, and even in our personal lives. But what exactly is litigation? In its simplest form, litigation is the process of taking legal action against another person or company. This can be in the form of […]

What is Limited Liability? Definition In business, the term “limited liability” refers to the legal protection that shareholders have from being held personally liable for the debts and obligations of the company. Put simply, it means that shareholders are only liable for the amount of money they have invested in the company. This type of […]

What is Liability? Definition “Liability” is a legal term used to describe the responsibilities that people and businesses have to others. When you hear the word “liability,” you might think of an individual being held responsible for their actions. However, businesses can also be held liable for the actions of their employees or for products […]

What is a Limitation Clause? Definition A limitation clause is a contract provision that seeks to limit the liability of one or more parties to the contract in the event of a breach of the agreement. The purpose of such a clause is to allocate the risk between the parties involved in the contract and […]

What is Legislation? Definition Legislation, also known as statutory law, is a set of written laws that have been enacted by a legislature or other governing body. The purpose of these laws is to regulate the conduct of people and organizations within a jurisdiction. There are many different types of legislation, ranging from local ordinances […]

What is a Legally Binding Contract? Definition Perhaps you’ve been thinking about starting your own business. Or, maybe you’re already in the process of running a business, and you want to make sure you have all your ducks in a row. In either case, it’s important to know about legally binding contracts—what they are and […]

What is a Letter Of Intent? Definition A letter of intent (LOI) is a document that expresses your intention to do business with another party. The LOI outlines the terms of the proposed transaction and serves as a legally binding agreement between you and the other party. For example, let’s say you’re a small business […]

What is a Legal Process? Definition The law is a system of rules that are created and enforced through social or governmental institutions to regulate behavior. It has been defined both as “the Science of Justice” and “the Art of Justice”. A legal process is a type of procedure that is designed to settle disputes […]

What is Lessons Learned? Definition In project management, the term “lessons learned” refers to the information gained from previous projects that can be applied to future projects. This information includes both positive and negative experiences, as well as successes and failures. The purpose of documenting lessons learned is to improve the efficiency and effectiveness of […]

What are Legal Remedies? Definition Have you ever been wronged? Maybe someone broke their promise to you, or maybe you were the victim of a crime. If you have, then you might be wondering what legal remedies are available to you. Legal remedies are actions that can be taken by a court in order to […]

What is Legal Design? Definition The legal design movement is a relatively new one, but it’s growing rapidly. So what is legal design? And how can it help you in your law practice? Essentially, legal design is the application of design principles to the practice of law. By using design thinking, lawyers can create solutions […]

What is a Key Contract? Definition A key contract is a formal agreement between two or more parties that contains terms and conditions that are essential to the agreement. The key contract defines the main points of the agreement and sets forth the expectations of both parties. It is important to have a key contract […]

What Is a Legacy Contract? Definition A legacy contract is an agreement between two companies or organizations in which one company agrees to provide goods or services to another company for a specified period of time. The term “legacy contract” can also refer to a situation in which a new company takes over the responsibility […]

What is a Kanban Workflow? Definition In this blog post, we will explore the Kanban workflow and how it can be used to improve your business processes. We will define what a Kanban workflow is and discuss the benefits of using one. We will also provide a step-by-step guide on how to implement a Kanban […]

What is Joint and Several Liability? Definition Joint and several liability is a legal principle that holds each person or entity in a group liable for the entirety of the damages arising from an incident, even if they are only partially at fault. This type of liability is most often seen in negligence cases, where […]

What is Issue Severity? Definition In the world of customer support, issue severity is a term you’ll hear quite often. But what does it actually mean? In short, issue severity is a measure of how important or urgent a customer support issue is. It’s used to help support teams prioritize which issues need to be […]

What is Jurisdiction? Definition If you’re working in the legal field, it’s important to have a clear understanding of jurisdictional law. This area of law can be complex, and even lawyers who have been practising for years can still find themselves needing to brush up on the basics from time to time. In this blog […]

What is Issue Escalation? Definition When a problem or issue arises, it is important to have a plan in place for how to deal with it. This is where issue escalation comes in. Issue escalation is the process of identifying and resolving problems or issues in a timely and effective manner. In order to resolve […]

What is Issue Management? Definition Have you ever encountered a problem that you didn’t know how to solve? Or, worse yet, a problem that you thought you had solved only to have it come back again? If you have, then you know how frustrating it can be to deal with issues without a defined process. […]

What is ISO9001? Definition Quality management systems (QMS) are regulated by international standards, the most popular of which is ISO 9001. First published in 1987 by the International Organization for Standardization, ISO 9001 is a family of standards that provides guidance and requirements for quality management systems. The standard is designed to help organizations ensure […]

What is ISO27001? Definition If you work in information security, the chances are you’ve come across the ISO27001 standard. But what exactly is it? In this blog post, we will explore the ISO27001 definition, what it covers, and how it can benefit your organization. So, what is ISO27001? Simply put, it is an internationally recognized […]

What is IPR? Definition Intellectual property rights (IPR) are the rights given to people over the creations of their minds. They usually take the form of patents, copyrights, or trademarks. IPR is a relatively new concept. It only became widely recognized in the late 20th century. Before that, the prevailing belief was that ideas belonged […]

What is Inter Alia? Definition What is Inter Alia? Inter alia (ĭn′tər-ā′lē-ə) is a Latin phrase that means “among other things.” The phrase is often used in legal contexts to refer to a list of items, usually in the form of a list of charges or evidence. For example, if a defendant is charged with […]

What is Intellectual Property? Definition In business, intellectual property is one of the most important things to protect. But what exactly is intellectual property? Intellectual property is any form of creative expression or idea that has been given a physical form. This could be anything from a design to a song to a photograph. Basically, […]

What is Insolvency? Definition Insolvency is a term that is often used in business and financial contexts, but what does it actually mean? Put simply, insolvency is when a company or individual is unable to pay their debts. This can happen for a variety of reasons, but usually it is because the debtor has more […]

What are Intellectual Property Rights? Definition You’ve undoubtedly heard the term “intellectual property rights” before, but what do they actually mean? Intellectual property rights are a type of legal protection that is given to creators of original works. This can include anything from literary and artistic works to discoveries and inventions. The holder of the […]

What is an Initial Term in a Contract? Definition A contract is a legally binding agreement between two or more parties. The initial term of a contract is the period of time during which the terms of the contract are in effect. After the initial term expires, the contract may be renewed for another term […]

What is Injunction? Definition Injunction is a legal order from a court that requires a person or organization to do or refrain from doing a particular act. The word “injunction” can also refer to the writ or order itself. Injunctions are usually issued in cases where one party has threatened to or is about to […]

What is Implied Terms? Definition Have you ever wondered what implied terms are in a contract? If so, you’re not alone. Many people don’t know what they are or how they can be used to their advantage. In this blog post, we will explore the definition of implied terms and how they can be used […]

What is Indemnify? Definition The term “indemnify” is often seen in contracts and other legal documents, but what does it actually mean? In short, to indemnify someone is to agree to hold them harmless from losses or damages that they may incur. This can be done in a number of ways, but typically it is […]

What is Governing Law? Definition Governance law is the term used to describe the body of laws, regulations, and policies that govern the actions of individuals, businesses, and other organizations. This area of law is constantly evolving as new technologies and social norms emerge. There are many different types of governing laws, but some of […]

What are General Conditions Of a Contract? Definition A contract is a legally binding agreement between two or more parties. It is an agreement that creates a reciprocal obligation between the parties to do, or refrain from doing, certain things. In order for a contract to be valid, there must be an offer and acceptance […]

What is a Fully Executed Contract? Definition A fully executed contract is a legally binding agreement between two or more parties. This means that all parties have signed the contract and agreed to its terms. Fully executed contracts are important because they protect both parties involved in the agreement. If one party does not fulfill […]

What is Frustration of Contract? Definition Have you ever been in a situation where you had to back out of a contract? Maybe you signed an agreement to purchase a car but then found out the dealership was selling you a lemon. In this case, you would be said to have experienced “frustration of contract.” […]

What is a Framework Agreement? Definition A framework agreement is a type of contract between two parties that establishes the terms and conditions under which future transactions or agreements will be made. The purpose of a framework agreement is to provide a template for future agreements, so that both parties can save time and effort […]

What are Express Terms in a Contract? Definition In business, contracts are a necessary evil. But what happens when you don’t have a firm grasp of the terminology used in them? You could be inadvertently signing away your rights or worse, opening yourself up to liability. One term you may come across in a contract […]

What is Force Majeure? Definition Force majeure is a contract clause that is included in contracts in order to remove liability from both parties in the event of an extraordinary event or circumstance beyond their control. The purpose of this clause is to protect both parties in the event that something happens that prevents either […]

What is an Evergreen Contract? Definition You’ve probably heard the term “evergreen contract” before, but what does it actually mean? In short, an evergreen contract is a contract that automatically renews itself unless one of the parties involved takes action to cancel it. Evergreen contracts are common in a number of industries, from internet service […]

What is Expectation Management? Definition Have you ever been disappointed by a purchase because it didn’t meet your expectations? Or have you ever been pleasantly surprised when something you bought turned out to be better than you thought it would be? In both cases, your expectations were managed. And in today’s business world, expectation management […]

What is an Exemption Clause? Definition In business, there are a lot of different terms and concepts that get thrown around. And if you’re not familiar with them, it can be hard to keep up. So in this blog post, we’re going to explain one such concept: exemption clauses. An exemption clause is a contractual […]

What is Exclusivity in Contract Management? Definition Exclusivity in contract management can best be defined as a contractual agreement between two or more parties in which only one party is allowed to provide the goods or services specified in the agreement. The other party or parties are excluded from participating in the same market. This […]

What is EULA? Definition You’ve probably seen the term EULA before, but what does it mean? In short, a EULA is a legal agreement between you and the software developer or publisher.It sets out the terms of use for the software you’re about to install on your computer. When you agree to a EULA, you’re […]

What is an Exclusion Clause? Definition An exclusion clause is a clause in a contract that is used to exclude liability for certain types of losses. These clauses are also sometimes called “limitation of liability” clauses. Exclusion clauses are common in all types of contracts, including contracts for the sale of goods, services, and leases. […]

What is an eSignature? Definition An eSignature, also known as an electronic signature, is a digital representation of a physical signature. It’s used to authenticate online transactions and can be used for a variety of purposes, from signing documents to approving contracts. eSignatures are a convenient way to get things done without having to meet […]

What are EU Contract Rules? Definition The EU contract rules are a set of principles that govern the formation and performance of contracts in the European Union. The rules are designed to promote fairness and certainty in contractual relations, and to protect the interests of consumers and businesses. The rules are also intended to ensure […]

What is E-Sign? Definition E-Sign refers to electronic signatures, which are legally binding in the United States. This means that you can sign contracts, forms, and other documents electronically, without having to print them out and sign them with a pen. There are many benefits of using e-signatures, including convenience, speed, and security. In this […]

What is an Escalation Clause? Definition An escalation clause is a contract provision that allows for an adjustment in price or other terms under specified conditions. The purpose of an escalation clause is to protect one or both parties from inflationary trends or unforeseen circumstances that might make the original terms of the contract unfair. […]

What is an Effective Date in a Contract? Definition If you’re new to business, you may not be familiar with the term “effective date.” It’s a key element in contracts that determines when the agreement goes into effect. The effective date is the day that both parties agree to be bound by the contract. This […]

What is an Entire Agreement? Definition What is an entire agreement? In business, an entire agreement is a contract between two parties that sets out all the terms and conditions of their relationship. It’s also known as an integrated contract. An entire agreement clause is important because it can help prevent one party from relying […]

What is a End-User Licence Agreement? Definition You’ve probably heard of End-User License Agreements, or EULAs, but do you know what they actually are? If you’re not sure, don’t worry—you’re not alone. In this blog post, we’re going to take a closer look at EULAs and dispel some of the myths surrounding them. A EULA […]

What are Elements of a Contract? Definition A contract is a legally binding agreement between two or more parties. It is an agreement that creates a relationship between the parties involved and sets out their rights and obligations. A contract can be either oral or written, but it must contain certain elements to be valid […]

What is an Electronic Signature? Definition At its core, an electronic signature is simply a way to indicate your agreement to something electronically. This could be as simple as typing your name into an online form or clicking an “I Agree” button. In a legal sense, however, electronic signatures have a bit more weight. In […]

What is an Enforceable Contract? Definition An enforceable contract is a legally binding agreement between two or more parties. It is an agreement that creates a relationship between the parties involved and sets out their respective rights and obligations. A contract can be written or verbal, but it must be clear and unambiguous in order […]

What is a Doctrine Of No Surprises? Definition A doctrine of no surprises is a business practice in which a company or individual proactively discloses all information that could potentially be viewed as negative. The goal of a doctrine of no surprises is to avoid any potential conflicts or misunderstandings by being completely transparent from […]

What is a Disclaimer? Definition A disclaimer is a statement that denies or limits liability for damages or injury. In other words, it’s a way to protect yourself from being held responsible for something that goes wrong. There are all sorts of disclaimers, from the ones you see at the beginning of movies to the […]

What is a Discharge Of Contract? Definition A contract is a legally binding agreement between two or more parties. A discharge of contract is when one party breaches (or breaks) the terms of the contract, and the other party is released from their obligations under the contract. This can happen in a number of ways, […]

What is a Digital Contract? Definition In the business world, contracts are necessary to protect all parties involved in a transaction. But with the ever-changing landscape of technology, what does a contract look like in the digital age? In this blog post, we will explore the definition of a digital contract and how it differs […]

What is Digital Contracting? Definition You’ve probably heard of digital signatures, but what about digital contracting? Digital contracting is the process of creating, signing, and managing contracts electronically. This means that instead of using paper contracts, you can create and sign them online. Digital contracting has many benefits over traditional methods. For one, it’s more […]

What is a Debtor? Definition A debtor is a person who owes money to another person or organization. The debt may be in the form of a loan, credit card debt, or medical bills. A debtor may also be an organization that owes money to another organization. There are two types of debtors: secured and […]

What is a Deed? Definition A deed is a type of legal document that is used to transfer ownership of real property from one person to another. Deeds are typically used in situations where the buyer is taking ownership of the property from the seller. The deed itself is a physical document that must be […]

What is Data Transparency? Definition Data transparency is the practice of making data easily accessible and understandable to all parties involved. It is often used in the context of data governance, meaning the ability to see how data is collected, used, and managed by organizations. Data transparency has become an important topic in recent years […]

What is Data Sovereignty? Definition Data sovereignty is the concept that data should be stored and processed in the country where it was collected. This is important for data privacy and security, as well as for legal compliance. There are a number of advantages to data sovereignty, including the ability to better protect citizens’ data, […]

What is a Data Processing Agreement? Definition A data processing agreement is a contract between a company and a service provider that stipulates how the service provider will process the company’s data. The agreement outlines the roles and responsibilities of both parties, as well as the security measures that will be put in place to […]