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An acceleration clause is a section of a mortgage contract that can have big consequences: Namely, it can require you to pay off your entire mortgage at once. Even if you miss only one payment.
[1] [2] Acceleration clauses are most prevalent in mortgages and similar contracts to purchase real estate in installments. In a mortgage contract, activation of an acceleration clause may operate as a precursor to a foreclosure action through which a lender may legally compel the sale of the property that the borrower acquired by using the ...
Paid time off, planned time off, or personal time off (PTO), is a policy in some employee handbooks that provides a bank of hours in which the employer pools sick days, vacation days, and personal days that allows employees to use as the need or desire arises.
A commercial contract is an agreement containing all the work that should be performed for the construction of a commercial building or non-residential building. A skillfully constructed commercial contract can protect both parties' interests, minimize risks, and increase profitability for the contractor.
Retainage clauses are usually found within the contract terms outlining the procedure for submitting payment applications. A typical retainage clause parallels the following language: "Owner shall pay the amount due on the Payment Application less retainage of [a specific percentage]."
A standard form contract (sometimes referred to as a contract of adhesion, a leonine contract, [a] a take-it-or-leave-it contract, or a boilerplate contract) is a contract between two parties, where the terms and conditions of the contract are set by one of the parties, and the other party has little or no ability to negotiate more favorable terms and is thus placed in a "take it or leave it ...