contract

Tag: contract

Limited Liability Company (LLC)

See Also: S Corporation General Partnership Limited Partnership Partnership Sole Proprietorship Role of a Company Back Office Limited Liability Company (LLC) Definition A Limited Liability Company or LLC is a business form which provides limited liability much like a corporation. There can be an unlimited number of members to the company. There are also many

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Protect Yourself: A Guide to Non-Compete Agreements

Oftentimes, businesses see their competitors as their biggest threat. But what if your star quality team continues to leave to join your competitor’s team? That is, in my opinion, the bigger threat. You have already invested in hiring, training, coaching, and developing those individuals. Then, they leave and directly compete against you. We see this

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Don’t put all your eggs into one basket!

Easter was just this past weekend. One of the common traditions of Easter is an Easter Egg Hunt where plastic eggs with candy (or if you’re lucky, money) are hidden for the kids to find and put in their Easter Basket. When I was a boy, I was greedy and piled too many eggs into

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Secured Claim

See Also: Pledged Collateral Collateralized Debt Obligations Debt Ratio Analysis Debt Service Coverage Ratio (DSCR) Convertible Debt Instrument Asset Based Financing Secured Claim Definition The secured claim definition is debt backed by collateral. It can refer to loans, mortgages, bonds, and other financial debt instruments. As stipulated in the debt contract, the debtor backs the

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Purchase Option

Purchase Option Definition Purchase option, defined as the opportunity to purchase a piece of property which is being leased after the lease is completed, is part of the many options available in a lease agreement. A purchase option is often agreed upon by the two parties involved before the contract is made. Purchase Option Explanation

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Progress Billing Example

Find a progress billing example below. Progress Billing Example UNCONDITIONAL FINAL WAIVER AND RELEASE OF LIENS AND CLAIMS OWNER: Business X, LLC. PROJECT NAME: PRIORITY MANAGEMENT For and in exchange of the sum of $, the sufficiency of which is hereby acknowledged, the undersigned Contractor, subcontractor, consultant, materialmen or laborer (hereinafter the “Undersigned”) warrants and

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Partnership

Partnership Definition A partnership is a type of business organization. Two or more individuals own and operate this business organization. These individuals are partners. Furthermore, it is unincorporated. Although it is not considered a legal entity separate from its owners, the details of this arrangement are stipulated in a contract. Call that contract a partnership

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Par Value of Bonds

Par Value of Bonds Definition The par value of bonds definition refers to the principal – the amount of money the bondholder receives when the bond matures. Par value is also called face value or nominal value. It is the amount stipulated in the bond contract. However, par value does not include interest payments. Bond

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Maintenance Contract

See Also: Progress Billing for a General Contractor Completed Contract Method Covenant Definition of a Bond Contract How to Maintain an Effective Job Schedule Accounting Cycle Maintenance Contract Definition A maintenance contract, defined as the contract between 2 parties which creates the agreement that one party will maintain an asset owned by another party, is

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Indemnity Clause

See Also: Blue Sky Laws Tips on How to Manage your Lawyer Steps to Track Money In and Out of a Company Accounting Asset Definition Indemnity Clause Definition The indemnity clause definition is the clause which compensates either party in a contract against loss. It is one of the most common ways for a party

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Loan Agreement

Loan Agreement Definition A loan is a debt instrument. One party lends assets, property, or money to another party in exchange for interest payments and the eventual return of the borrowed asset, property, or money. A loan agreement is usually drawn up in writing before any assets change hands between parties. Loan Term Explanation A

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Lease Agreements

Lease Agreements A lease agreement is a legal contract between two parties for the usage of an asset or property over a set period of time in exchange for rent payments. The owner of the asset or property allows another party to use the asset or property for payments. Often a lease agreement includes an

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