Addenda/Addendum
A contract addendumadds new terms to an existing contract, while still keeping all the original terms in place.
Agreement
Any type of understanding or arrangement reached between two or more parties, whether in writing or not. An agreement isn’t legally binding though – a … Alternative Dispute Resolution
A way to resolve a contractual disputewithout going to court e.g. by mediation or arbitration. Some contracts contain a clause saying that if there’s a problem… Amendments
Changes to a contractthat are made after it’s signed. These are almost always done in writing, and must be agreed and signed by all parties. Appendix/Appendices
Appendices usually appear at the end of a contract. They don’t change or affect the contract’s terms in any way – they just add extra information about it that … Approval Workflow
An approval workflow is a process that allows legal teams to let business users work on their own contracts, usually from a template, but with safeguard… Arbitration
A form of alternative dispute resolution (ADR) to resolve contract disputes without going to court, using an independent tribunal. Some contracts includ… Assignment
Also called “novation”, this is when a party to a contract transfers their rights, obligations, or liabilities to someone else who wasn’t invol… Authorised Signatory
The authorised signatory is the individual or individuals empowered to sign legally binding contracts on the company's behalf. In early-stag… 5 Common Terms in Legal Contracts
- 1. Substance The substance of individual legal contracts will widely differ. ...
- 2. Consideration Consideration is one of the essential requirements for a legally valid contract. ...
Glossary of commonly used phrases in contract law
- Acceptance of goods/services As soon as goods/services have been delivered, any problems should be notified to the supplier immediately. ...
More itemsA list of legally binding contract terms contains important provisions commonly found in contracts, which may include any of the following:
Identity of the parties Purpose of the agreement Contractual terms