CONTRACT PERFORMANCE Meaning and
Definition
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Contract performance refers to the fulfillment of obligations, duties, and terms stipulated in a legally binding agreement between two or more parties. It involves the execution of tasks and responsibilities outlined in the contract within the specified timeframe and according to the agreed-upon conditions. The goal of contract performance is to ensure that both parties involved in the contractual relationship meet their respective obligations to avoid breach and maintain the integrity of the agreement.
Contract performance encompasses various aspects such as the provision of goods or services, compliance with quality standards, meeting delivery deadlines, and adhering to financial terms. It requires competent and timely completion of agreed-upon deliverables while ensuring they meet the required level of quality and performance.
Successful contract performance demands effective communication, cooperation, and coordination between the parties involved. It often involves monitoring and evaluating the progress of the contract to ensure that all parties are fulfilling their contractual duties and responsibilities in a satisfactory manner. In case of any deviation or non-compliance, remedies and penalties specified in the contract may be imposed.
Furthermore, contract performance can also include measures to resolve any disputes or conflicts that may arise during the execution of the contract, including negotiation, mediation, or legal actions if necessary. Overall, contract performance is essential for maintaining trust, minimizing risks, and fostering mutually beneficial relationships between parties involved in a contractual agreement.
Common Misspellings for CONTRACT PERFORMANCE
- xontract performance
- vontract performance
- fontract performance
- dontract performance
- cintract performance
- ckntract performance
- clntract performance
- cpntract performance
- c0ntract performance
- c9ntract performance
- cobtract performance
- comtract performance
- cojtract performance
- cohtract performance
- conrract performance
- confract performance
- congract performance
- conyract performance
- con6ract performance
- con5ract performance
Etymology of CONTRACT PERFORMANCE
The word "contract performance" does not have a specific etymology as it is a combination of two individual words: "contract" and "performance".
- "Contract" derives from the Latin word "contractus", which means "drawn together" or "bound". It entered English through Old French and referred to a legally binding agreement between two or more parties.
- "Performance" comes from the Latin word "performare", which means "to bring to completion". It also entered English through Old French and originally meant "carrying out" or "execution".
Therefore, when these two words are combined, "contract performance" refers to the act of fulfilling or carrying out the terms and obligations agreed upon in a contract.
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