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Task Order Contract
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Term Contract
A type of contract in which a
source of supply is established for a specified
period of time for specified goods or services;
usually characterized by an estimated or
definite minimum quantity, with the possibility
of additional requirements beyond the
minimum, all at a predetermined unit price.
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Terms of Contract
Stipulations made in
contracts.
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Time and Materials Contract (T & M)
A contract
that provides for contractor payment based
on a direct labor, hourly rate that includes
benefits, payroll taxes, overhead, and
contractor profit and provides for the cost of
materials and equipment used in
performance of the contract. See also: Labor-
Hour Contract.
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Unilateral Modification (of a Contract)
The right
of one party to a contract to change the
contract pursuant to the change clause of a
contract. A unilateral modification may occur
for two reasons: 1) The right to unilaterally
modify the contract has been given to the
public agency in the contract itself, or 2) The
modification is for a minor purpose. See also:
Bilateral Modification (of a Contract).
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United Nations’ Convention on Contracts for the International Sale of Goods (CISG)
Uniform
body of law that governs contracts for the
international sale of commercial goods.
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Value Incentive Contract
A fixed-price contract
with a provision for rewarding the supplier for
faster delivery or superior performance.
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Verbal Contract
An agreement that is oral and
not in writing. Usually enforceable if under
$500.
