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In financial accounting under International Financial Reporting Standards (IFRS), a provision is an account that records a present liability of an entity. The recording of the liability in the entity's balance sheet is matched to an appropriate expense account on the entity's income statement .
In United States government contracting, a provision or solicitation provision is a written term or condition used in a solicitation. A solicitation provision applies only before a contract is awarded to a vendor. [1] This distinguishes provisions from clauses, which apply after contracts are awarded (and possibly before).
A contractual term is "any provision forming part of a contract". [1] Each term gives rise to a contractual obligation, the breach of which may give rise to litigation. Not all terms are stated expressly and some terms carry less legal gravity as they are peripheral to the objectives of the contract.
The broader category of know-how, etc. is covered by the "data" provisions of the FAR. Note that DFARS part 227 scope provision requires that DOD use the DFARS 227 provisions rather than the FAR 27 provisions. However, it is important to remember that the FAR data provisions include both "data" and "technical data".
per the Section 5 sub-clause (2) - Subject to the provisions of any law for the time being in force, a contract of sale may be made-in writing or; by word of mouth, or; partly in writing and partly by word of mouth or; may be implied from the conduct of the parties.
Terms can differ: Callable bonds have different terms and provisions, which can be confusing for investors. Because of that, it’s essential to read the contract and understand the details.
Articles 89–101 (final provisions) include how and when the Convention comes into force, permitted reservations and declarations, and the application of the convention to international sales where both States concerned have the same or similar law on the subject.
In contract law, an arbitration clause is a clause in a contract that requires the parties to resolve their disputes through an arbitration process. Although such a clause may or may not specify that arbitration occur within a specific jurisdiction, it always binds the parties to a type of resolution outside the courts, and is therefore considered a kind of forum selection clause.