{"id":1763,"date":"2019-05-17T17:50:27","date_gmt":"2019-05-17T07:50:27","guid":{"rendered":"https:\/\/comprara.com.au\/procurement-glossary\/terms-and-conditions\/"},"modified":"2021-07-05T04:27:33","modified_gmt":"2021-07-05T04:27:33","slug":"terms-and-conditions","status":"publish","type":"glossary","link":"https:\/\/www.comprara.com.au\/procurement-glossary\/terms-and-conditions\/","title":{"rendered":"Terms and Conditions"},"content":{"rendered":"<p>Contractual terms include all the provisions, rights and obligations relevant to a particular <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Agreement&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;The word agreement can have both informal and formal meanings.  Informally the word may be used to describe a contractual agreement between parties: &#x2018;the agreement has three months to run&#x2019;.  The formal meaning of the word is used in a legal context to describe one of the prerequisites for considering a contract valid.  The parties must have &#x2018;a meeting of the minds&#x2019;, sometimes called &#x2018;consensus ad idem&#x2019;, meaning that for a contract to exist the parties must share a common understanding, and there must be no mistake as to what is being agreed.  See also Contract. &amp;lt;br\/&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/agreement\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>agreement<\/a>.  They include express terms, which are written down and included in the <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Contract&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;A contract can be written or verbal. It is an agreement between two or more parties to perform specific acts and is enforceable by law. The six prerequisites for a legally binding contract under Australian Law are: agreement (offer and acceptance); consideration (the payment of a sum of money etc.); capacity (being of legal age and sound mind to enter legal relations); intention (the parties to the contract intend to enter legal relations); formalities (representation in writing) and certainty. See also Terms and Conditions.Contract Management Essentials and Advanced Contract Management training is available at Academy of Procurement.&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/contract\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>contract<\/a> and, implied terms, which may not be written down, but which will be implied into the <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Contract&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;A contract can be written or verbal. It is an agreement between two or more parties to perform specific acts and is enforceable by law. The six prerequisites for a legally binding contract under Australian Law are: agreement (offer and acceptance); consideration (the payment of a sum of money etc.); capacity (being of legal age and sound mind to enter legal relations); intention (the parties to the contract intend to enter legal relations); formalities (representation in writing) and certainty. See also Terms and Conditions.Contract Management Essentials and Advanced Contract Management training is available at Academy of Procurement.&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/contract\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>contract<\/a> by the courts.  Some clauses go to the root of the <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Contract&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;A contract can be written or verbal. It is an agreement between two or more parties to perform specific acts and is enforceable by law. The six prerequisites for a legally binding contract under Australian Law are: agreement (offer and acceptance); consideration (the payment of a sum of money etc.); capacity (being of legal age and sound mind to enter legal relations); intention (the parties to the contract intend to enter legal relations); formalities (representation in writing) and certainty. See also Terms and Conditions.Contract Management Essentials and Advanced Contract Management training is available at Academy of Procurement.&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/contract\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>contract<\/a> and a breach of these clauses will grant the right to seek <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Damages&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Damages are a form of compensation paid to a claimant for suffering loss, injury or harm as a result of another&#x2019;s breach of an agreement.  There are several types of damages that may be claimed in the event of a breach of an agreement: damages for economic loss, reliance damages and expectation damages are three examples.  All damages represent an attempt to restore the parties to where they would have been had the breach not occurred.  Damages cannot be punitive. Damages for economic loss may be liquidated or unliquidated.  Liquidated damages are &#x2018;a genuine pre-estimate of the likely loss&#x2019; and represent an attempt by buyers to calculate the economic loss caused by a breach of a contract by a supplier.  Many suppliers seek to cap the scale of damages to limit their liability.  Unliquidated damages are damages assessed by the courts.  Reliance measures seek to compensate the claimant for &#x2018;out of pocket&#x2019; expenses incurred due to the other party&#x2019;s breach.  Expectation damages refer to sums that should have been earned in the future had the breach not occurred, for example lost profit.  See also Breach of Contract; Damages, Liquidated and Damages, Unliquidated.&amp;lt;br\/&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/damages\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>damages<\/a> as well as termination.  Such clauses are called conditions.  Clauses that are less important to the performance of the <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Contract&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;A contract can be written or verbal. It is an agreement between two or more parties to perform specific acts and is enforceable by law. The six prerequisites for a legally binding contract under Australian Law are: agreement (offer and acceptance); consideration (the payment of a sum of money etc.); capacity (being of legal age and sound mind to enter legal relations); intention (the parties to the contract intend to enter legal relations); formalities (representation in writing) and certainty. See also Terms and Conditions.Contract Management Essentials and Advanced Contract Management training is available at Academy of Procurement.&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/contract\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>contract<\/a> are called warranties and breach of these clauses may give the right to seek <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Damages&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Damages are a form of compensation paid to a claimant for suffering loss, injury or harm as a result of another&#x2019;s breach of an agreement.  There are several types of damages that may be claimed in the event of a breach of an agreement: damages for economic loss, reliance damages and expectation damages are three examples.  All damages represent an attempt to restore the parties to where they would have been had the breach not occurred.  Damages cannot be punitive. Damages for economic loss may be liquidated or unliquidated.  Liquidated damages are &#x2018;a genuine pre-estimate of the likely loss&#x2019; and represent an attempt by buyers to calculate the economic loss caused by a breach of a contract by a supplier.  Many suppliers seek to cap the scale of damages to limit their liability.  Unliquidated damages are damages assessed by the courts.  Reliance measures seek to compensate the claimant for &#x2018;out of pocket&#x2019; expenses incurred due to the other party&#x2019;s breach.  Expectation damages refer to sums that should have been earned in the future had the breach not occurred, for example lost profit.  See also Breach of Contract; Damages, Liquidated and Damages, Unliquidated.&amp;lt;br\/&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/damages\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>damages<\/a> though not to seek termination.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Contractual terms include all the provisions, rights and obligations relevant to a particular agreement. They include express terms, which are written down and included in the contract and, implied terms, which may not be written down, but which will be implied into the contract by the courts. Some clauses go&#8230; <br \/><a style=\"color:#00b4cd;\" class=\"excerpt-anchor\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/terms-and-conditions\/\">Read more<\/a>.<\/p>\n","protected":false},"author":2,"featured_media":0,"menu_order":0,"template":"","meta":{"_acf_changed":false,"_uag_custom_page_level_css":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Terms and Conditions - Comprara<\/title>\n<meta name=\"description\" content=\"Terms and Conditions\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/terms-and-conditions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Terms and Conditions - Comprara\" \/>\n<meta property=\"og:description\" content=\"Terms and Conditions\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.comprara.com.au\/procurement-glossary\/terms-and-conditions\/\" \/>\n<meta property=\"og:site_name\" content=\"Comprara\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Comprara\/\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-05T04:27:33+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@Comprara\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.comprara.com.au\/procurement-glossary\/terms-and-conditions\/\",\"url\":\"https:\/\/www.comprara.com.au\/procurement-glossary\/terms-and-conditions\/\",\"name\":\"Terms and Conditions - 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