Action of two (or more) parties consulting about a possible arrangement of partnership. Their goal is to make an agreement that will be advantageous for all parties involved. Talks may go on

Binding contract which defines the duties and privileges enjoyed by a vessel

Binding contract (usually demonstrated by any airway bill, lading bill, or ticket of a passenger) which includes terms of transportation that state the duties and privileges of a transporter and a passenger/shipper.

Verbal or scripted, implied or expressed, contract detailing terms or conditions based on which a worker agrees to perform specific duties as guided and commanded by the employer, for an accorded salary

Alternative name given to contract of affreightment.

Kind of insurance policy (like insurance of property but not accident or personal insurance) which only gets back the insured persons to their actual financial standing. They cannot benefit from it.

Alternative term signifying contract of empployment.

Surplus of the ultimate cost of an agreement (including approved changes and remedial work) on top of the actual contract price.

An entity or a person who grants a deal for an assignment and takes the responsibility of paying the contractor. Also known as principal, client, contractee or owner (project

The count of calendar days (or working days), from a particular starting date to a given completion date, as given in a deal. Also known as contract time.

Evaluation of a price offer based on the data provided to support it, and by implementing suitable rates and determinant.

Accepted price calculation applied as a standard in capturing contract adjustments.

Established actions and customs, implemented by parties of contract, for ensuring that a deal, which they have entered, is carried out systematically. The chief goal of contract process is to make sure

Kind of instrument sale in which, the seller keeps the instrument for a given period and after that, he buys it back, at an agreed upon price, from the original buyer.

Low carriage charge assured by a transporter for a prolonged period, provided that the customer commits to providing a large volume.

Deliveries obtained under a deal that covers a duration of one or more year.

1. Possibility of loss incurred due to the buyer abrogating the contract, and not because he is unable to pay. 2. Possibility of loss incurred from failure in deal performance. Vendors are

Settlement of a deal related affair or dispute.

Negotiated price of a deal which does not involve the price of any allowed but unpriced adjustments.

Negation of an entire deal or its most important portion. Negation of a part of work is known as partial termination.