Related Words

Turnkey Construction Contract: Time available or needed to effect a turnaround.

No Capacity To Contract: The inability of a person to enter into a valid contract under any circumstances. Such inability can arise when a person has been adjudicated insane or is an officer of a corporation who is . . . View Full Definition

Office Of Federal Contract Compliance (OFCCP): Division of the Employment Standards Administration in the Department of Labor responsible for enforcing three statutes for federal contractors and subcontractors: Executive Order No. 11246, . . . View Full Definition

Nexus (Of Contracts): A set or collection of something.

Next Futures Contract: The contract settling immediately after the nearby futures contract.

Nearby Futures Contract: When several futures contracts are considered, the contract with the closest settlement date is called the nearby futures contract. The next (or the 'next out') futures contract is the one t . . . View Full Definition

Open Contracts: Contracts that have been bought or sold without completion of the transaction by subsequent sale or purchase, or by making or taking actual delivery of the financial instrument or physical commodity.

Optimal Contract: The contract that balances the three types of agency costs (contracting, monitoring, and misbehavior) against one another to minimize the total cost.

Oral Contract: A contract not recorded on paper or on computer, buy made vocally which is usually enforceable.

Passage Contract: Detailed terms of responsibility and accountability found in the cruise ticket.