Terms definition


Terms (noun)
related to contract

A contract is a document that sets out terms and conditions.

Each party in a contract will have their own terms that they set out to the other parties involved in the contract. If all parties agree to the terms, then the contract will be signed and all parties will have to adhere to the terms.

A term could be something as simple as if you are employed by a company to work ten hours a week, you must do this unless you have a good reason such as illness or holiday.

There can be hundreds of terms in a contract, so if you really want to understand what you are signing, you have to read all of them! The other way, of course, is to hire a legal professional to read them for you as mentioned above. This might save you time but it certainly won’t save you money!

Yaz: So you confirm that you agree to all the terms of this contract, Mike?

Mike: Yes, I do indeed.

Yaz: Great, if you could sign all parts of the document to confirm that you accept these terms, that would be great.

Mike: I will do that now! Thank you!

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