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What is Breach Of Contract?   A contract is a legally binding agreement between two or more parties. This agreement creates obligations that the parties are required to fulfill. A contract is typically written and signed by both parties, but it can also be verbal. A breach of contract occurs when one party fails to […]

What is Bona Fide?   The term “bona fide” is derived from Latin and means “in good faith.” It is often used in business to signify an honest and legitimate transaction. In order for a contract to be considered bona fide, both parties must be acting in good faith and with the intention of fulfilling […]

What is Benefits Realisation?   Benefits realisation is the process of ensuring that the benefits of a project are achieved. It involves planning for, monitoring and achieving those benefits. The benefits of a project can be anything from financial savings to improved customer satisfaction. But whatever the benefits are, they need to be planned for […]

What is Best And Final Offer?   Best and final offer (BAFO) is a term used in business to describe the last offer made by each party during negotiations before an agreement is reached. The offer is usually made after both parties have had time to review the other’s previous offers and make counter-offers, and […]

What is an Automatic Renewal Clause? If you’ve ever signed up for a subscription service, there’s a good chance you’ve come across an automatic renewal clause. This clause is often buried in the terms and conditions, and it basically states that your subscription will automatically renew at the end of the term unless you cancel […]

What is Bankruptcy in Business? Many people assume that bankruptcy is the end of the line for a business. However, this is not always the case. Bankruptcy can actually be a tool for businesses to restructure and get back on track. In this blog post, we will explore what bankruptcy is in business and how […]

What is an Avoidance Of Doubt? When you’re communicating with someone, whether it’s in writing or in person, there’s always the possibility that your message will be misunderstood. This is especially true if you’re conveying complicated information or trying to give instructions. That’s where avoidance of doubt comes in. This term refers to the various […]

What is an Authorised Signatory?   If you’re in business, there’s a good chance you’ve heard the term “authorised signatory” before. But what does it actually mean? An authorised signatory is someone who is authorised by a company to sign contracts and other legal documents on behalf of the company. This person has the legal […]

What is Arbitration in Contract Management? arbitration is a process of resolving disputes between two or more parties. It is an alternative to traditional litigation, where a judge or jury decides the outcome of a case. In arbitration, the parties agree to have their dispute decided by an impartial third party, called an arbitrator. Arbitration […]

What is Ab Initio? ‘Ab Initio’ is Latin for ‘from the beginning‘. This article will give a breakdown of what it means in this sense, namely from a legal standpoint. A very useful word to know when considering contract management as a profession or hobby in general. Introduction Ab initio is a Latin term meaning […]

What is Alternative Dispute Resolution (ADR)? Have you ever been in a situation where you’ve had a disagreement with someone, but you couldn’t come to a resolution? Maybe it was with a family member, friend, co-worker, or even a stranger. If so, then you’ve experienced what is known as a conflict. And while conflict is […]

What is Contract Acceptance?   Contract acceptance is the act of agreeing to the terms of a contract. This can be done verbally, in writing, or through conduct that indicates an acceptance of the contract’s terms. There are several factors that must be present for a contract to be considered accepted. First, both parties must […]

What is Contract Negotiation? Get Procurement Savings Via Contract Negotiation In recent years, there has been a growing trend in the business world towards so-called “agile” contracts. But what exactly are agile contracts, and why are they becoming so popular? In this blog post, we’ll take a look at the definition of agile contracts, how […]

What is a Addendum/Appendix? What is an addendum? An addendum is an annex or supplement to a document. When used in relation to a contract, it is a document that modifies the original terms of the agreement. Addenda are typically used to update an existing agreement or to include additional information that was not originally part of […]

What is an Acquisition? Mergers and acquisitions (M&A) are a type of corporate strategy used to grow a company through the purchase of another company. The goal of an acquisition is to create shareholder value by adding new products, technologies, or market access, or by removing cost from the combined company. M&A activity has been […]

What is a Contract? A contract is an agreement between two or more persons or entities in which each party agrees to do, or not to do, certain things. The agreement may be written, oral, or implied, and is usually enforceable by law. While contracts can be made for just about anything, there are certain […]