CONTRACT STIPULATION Meaning and
Definition
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A contract stipulation refers to a specific clause or provision that is included in a contractual agreement between two or more parties. It outlines and defines the terms, conditions, rights, and obligations that each party must adhere to during the entire duration of the contract. These stipulations are crucial components of a contract as they help ensure clarity, prevent misunderstandings, and protect the interests of the parties involved.
Contract stipulations serve multiple purposes. They establish the obligations and responsibilities of each party, such as payment terms, delivery schedules, or quality standards. Additionally, they can address potential risks and liabilities, including dispute resolution mechanisms, confidentiality agreements, or indemnification clauses. Stipulations also define specific conditions or requirements that must be met for the contract to remain valid or for particular provisions to take effect. This may include milestones, performance targets, or termination procedures.
Each contract stipulation is typically negotiated and agreed upon by the parties before the contract is finalized. They may be drafted by legal professionals or industry experts to ensure compliance with applicable laws and regulations. It is essential for all parties involved to carefully review and understand the stipulations outlined in the contract before signing, as they are legally binding and enforceable.
In summary, a contract stipulation is a crucial provision within a contractual agreement that outlines the rights, duties, and conditions of the parties involved. They contribute to the clarity, enforceability, and protection of the contract, ensuring that all parties are aware of their respective obligations and expectations.
Common Misspellings for CONTRACT STIPULATION
- xontract stipulation
- vontract stipulation
- fontract stipulation
- dontract stipulation
- cintract stipulation
- ckntract stipulation
- clntract stipulation
- cpntract stipulation
- c0ntract stipulation
- c9ntract stipulation
- cobtract stipulation
- comtract stipulation
- cojtract stipulation
- cohtract stipulation
- conrract stipulation
- confract stipulation
- congract stipulation
- conyract stipulation
- con6ract stipulation
- con5ract stipulation
Etymology of CONTRACT STIPULATION
The etymology of the word "contract" can be traced back to the Latin word "contractus", which means "drawn together" or "compressed". It originated from the past participle of "contrahere", which combines "con-" (meaning "together") and "trahere" (meaning "to draw" or "pull").
On the other hand, the word "stipulation" also has Latin origins. It comes from the Latin word "stipulatio", which referred to a verbal contract made by promise or guarantee. In ancient Rome, a stipulator was a person who made a formal contract or agreement with another party. Over time, "stipulation" came to signify any condition, requirement, or provision included in a contract.
When the two words are combined to form "contract stipulation", it refers to the specific provisions or conditions agreed upon and included in a contract.
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