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In South Africa, a condition is a very special type of contractual term, operating in a specific way; for example, "I will pay you R3,000 if you climb Table Mountain". It remains the case in South Africa, however, that the word condition is very loosely used in the drafting of contracts.
Credit agreements in South Africa are agreements or contracts in South Africa in terms of which payment or repayment by one party (the debtor) to another (the creditor) is deferred. This entry discusses the core elements of credit agreements as defined in the National Credit Act, and the consequences of concluding a credit agreement in South ...
The South African law of sale is an area of the legal system in that country that describes rules applicable to a contract of sale (or, to be more specific, purchase and sale, or emptio venditio), generally described as a contract whereby one person agrees to deliver to another the free possession of a thing in return for a price in money.
Conditions subsequent can be explicitly stated in the language of a contract, or implied by the nature of an agreement. [3] Implicit conditions subsequent often apply in the case of retail transactions, like point of sale purchases. [3] In property law, a condition subsequent is an event which terminates a party's interest in a property. [6]
With a lump sum contract or fixed-price contract, the contractor assesses the value of work as per the documents available, primarily the specifications and the drawings. At pre-tender stage the contractor evaluates the cost to execute the project (based on the above documents such as drawings, specifications, schedules, tender instruction and ...
A letter of comfort, sometimes called a "letter of intent", is a communication from a party to a contract to the other party that indicates an initial willingness to enter into a contractual obligation absent the elements of a legally enforceable contract. The objective is to create a morally binding but not legally binding assurance.