The business entity that has
entered into a contract with a jurisdiction.
1. One who employs an agent.
2. A person who has authorized another to act
See also: Law of Agency, Buyer, Agent.
1. A basic truth, law, or assumption,
2. A rule or standard of behavior.
3. A rule of conduct that derives from ethical
The degree of precedence given to a
particular item or task over other items or
A transportation line not engaged
in business with the general public. See also:
Common Carrier, Contract Carrier.
A product or range of products
offered by a retailer under its own name or
under a brand that it owns. These products
compete with branded goods.
The part of an economy in which
goods and services are produced by
individuals and companies, rather than
government and non-profit sectors. While the
ultimate aim of the private sector is to secure
a profit, the government and nonprofit sectors
aim to achieve other objectives, such as
improving the health and protection of citizens.
The divestiture of management,
assets, and responsibility of a public function
to the private sector. The functions formerly
performed by the public entity become
controlled and owned by a private supplier.
The divestiture may include the transfer of
real and personal property.
Privity of Contract
The direct contractual
relationship between the parties to a contract
that allows either party to enforce contractual
rights against the other and seek remedy if
A document created before all details
have been determined, usually followed by
the issuance of a final version.