Joint Venture Agreement Company
Joint ventures have a limited lifespan and purpose, and require less commitment than a more sustainable type of partnership that imposes more responsibilities and obligations on each partner. The following list provides examples of joint ventures: Publish a project to the ContractCounsel marketplace if you need help creating a joint venture agreement. We will provide you with several business lawyer suggestions that you can review to hire the best resource. This Agreement contains the entire agreement and understanding between the parties and supersedes all prior prior notices, representations, agreements and understandings, oral or written, between the parties with respect to the subject matter of this Agreement. This Agreement may not be modified in any way unless amended in writing by either party. Sony-Ericsson, now Sony Mobile, is another famous Japanese-Swedish smartphone development joint venture that leverages each company`s expertise in consumer electronics and telecommunications. Contractual joint ventures are entered into exclusively by means of a written contract. In contrast, a separate legal entity is formed by a corporation or limited liability company (LLC). You must document your joint venture agreement in writing to protect your rights in the event of a legal dispute. Save money – Often one company specializes in an area of expertise that the other doesn`t. In this case, it is financially wiser to create a joint venture to take advantage of everyone`s know-how rather than bear the cost of acquiring all the expertise yourself. At Hoeg Law, we help businesses and business owners enter into partnership agreements and provide world-class legal advice through these agreements.
If you have any questions about joint ventures or business partnerships, please contact our firm today. Unlike a partnership agreement, a joint venture only lasts until the end date specified in the joint venture agreement. A common use of joint ventures is to work with a local company to enter a foreign market. An undertaking wishing to extend its distribution network to new countries can usefully conclude a joint venture agreement to supply products to a local undertaking and thus benefit from an already existing distribution network. A partnership consists of two or more people who settle together to make a common profit. A partnership is governed by a partnership agreement and, unlike a joint venture, usually lasts as long as the partners want to be in business. Not sure if you need a joint venture agreement? Here are some of the most frequently asked questions: These joint venture agreements can be short-term or long-term, depending on the nature of the agreement. While joint ventures are similar to partnerships, they are not partnerships because they involve companies rather than individuals. Joint ventures for construction companies allow both parties to maximize their returns and performance. The types of joint ventures in construction companies include: Joint ventures for technology companies are perfect because they allow for maximum flexibility.
Types of joint ventures in technology companies include: Joint venture agreements are when two parties come together in an agreement for a specific business project. 3 min read The joint venture will be a temporary partnership created by a contract, while an established partnership will be permanent. In addition, the scope of the joint venture will be limited to a specific project or company, while a partnership will have a broad scope. A joint venture agreement sets out the terms and obligations of the members and the joint venture. Here are some of the benefits that can be reaped when using a joint venture: If your business could benefit from sharing resources with another company, a joint venture for a limited period of time and purpose can increase your chances of success. Companies often enter into joint venture agreements in the following circumstances: Here are some of the differences between a company and a partnership: Two companies or parties forming a joint venture may each have unique experience, skills and expertise. When combined by a joint venture, each company can benefit from the expertise and talent of the other in its business. Below, we have outlined a checklist of the 10 key elements of a joint venture agreement: Unlike a formally organized partnership, joint ventures are not permanent and are often dissolved in such situations: Without a joint venture agreement, the law may assume that your cooperation is in fact a legally recognized partnership and applies the standard laws of the state for tax and liability purposes. Automotive joint ventures are created by technology in today`s market. Here are some additional examples of cases where a joint venture can be used: Two or more companies form a joint venture when they want to join forces for a common goal where they each share the risk and reward. It allows any business to grow without having to look for external financing.
Business lawyers are experienced in translating into the best joint venture agreement for your specific situation based on the information provided. Even if you already have a contract in hand, your lawyer can perform a simple or complex review that ensures the agreement is legal and fair. This American Life explains a historic joint venture between General Motors and Toyota, known as New United Motor Manufacturing Inc., or NUMMI for short. A partnership typically refers to a single legal entity owned by two or more people, while a joint venture agreement covers a short-term project between multiple parties. .
It Service Level Agreement Pdf
Before subscribing to an IT service, the SLA must be carefully evaluated and designed to achieve the maximum service value from an end-user and business perspective. Service providers need to pay attention to the differences between internal outputs and client-centric outcomes, as these can help set service expectations. This Agreement shall remain in force until it is replaced by a revised Agreement mutually approved by the Stakeholders. This Agreement constitutes a service level agreement ("SLA" or "Agreement") between the Company Name and the Customer for the provision of IT services necessary to support and maintain the Product or Service. A service level agreement (SLA) is a documented agreement between a service provider and a customer that identifies both the services required and the expected level of service. The agreement varies between suppliers, services and industries. Although your SLA is a documented agreement, it doesn`t have to be long or too complicated. It is a flexible and lively document. My advice? Create one with this template and examples and consult your customers on perceived gaps.
Because unforeseen cases are inevitable, you can recall and optimize the SLA if necessary. A Service Level Agreement (SLA) documents IT`s focus on our commitment to our customers. In order to support the services described in this Agreement, the Service Provider will respond to incidents and/or requests related to the Service submitted by the Customer within the following timeframes: This Agreement describes the parameters of all Covered IT Services as mutually understood by key stakeholders. This Agreement does not supersede current processes and procedures, except as expressly provided herein. The purpose of this SLA is to specify the requirements of the SaaS Service as defined herein with respect to: Add a brief introduction to the Agreement in terms of parts, scope of service, and duration of the agreement. For example, the coverage settings specific to the Services covered by this Agreement are as follows: In this section, add the management and service support details applicable to the service provider In this section, you want to define the policies and scope of this Agreement with respect to application, renewal, the modification, exclusion, limitation and termination of the Agreement. This section sets out the objectives of this Agreement, for example: B. : The coverage of the service [service provider] described in this contract follows the schedule set out below: Here you define the responsibilities of the service provider and the customer. The Relationship Manager ("Document Owner") is responsible for facilitating the regular review of this document.
The content of this document may be amended if necessary, provided that the main stakeholders concerned agree to it and are communicated to all parties concerned. The document holder will include any subsequent revisions and obtain mutual agreements/approvals if necessary. The next section, the agreement overview, should contain four components: There are several ways to write an SLA. Here`s a simulated table of contents that you can use as a startup template to write your own service level agreements. Add the pricing models for each type of service with detailed specifications. The SLA is a documented agreement. Let`s look at an example of an SLA that you can use as a template to create your own SLAs. Remember that these documents are flexible and unique. Make the necessary changes, as long as you involve the parties involved, especially the customer. And consider other topics that you may want to add agreements to. B such as: Add a definition and brief description of the terms used to represent services, roles, metrics, scope, parameters, and other contract-related details that can be interpreted subjectively in different contexts.
This information can also be divided into the appropriate sections of this document instead of being grouped into a single section. This is a service level agreement (SLA) between [Customer] and [Service Provider]. This document specifies the services required and the expected level of performance between MM/DD/YYYY and MM/DD/YYYY. The purpose of this Agreement is to ensure that the right elements and obligations are in place to ensure consistent IT support and service delivery to customer(s) by the Service Provider(s). .
Is Singapore Part of the Paris Agreement
Prior to the UNFCCC climate conference in Copenhagen in 2009, Singapore committed to reducing its greenhouse gas emissions by 16% below standstill levels in 2020, provided there is a legally binding global agreement in which all countries implement their commitments in good faith. In line with the agreement adopted in Paris in December 2015, Singapore has also committed to reducing its emissions intensity by 36% by 2030 compared to 2005 levels and to stabilising its greenhouse gas emissions with the aim of peaking around 2030. Singapore is a partner in key regional initiatives such as the Sino-Singapore Tianjin Eco-City project with China and our collaboration with Jambi Province in Indonesia to improve peatland management and promote sustainable land use practices. As a small, low-lying city-state with an open economy, Singapore is particularly vulnerable to the consequences of climate change. We have a deep interest in global efforts to address potential disruptions to natural ecosystems and human societies. Singapore has always been a strong advocate of multilateral approaches to global issues, and we are working closely with other countries to address the climate challenge. The Singapore government, for its part, will create the appropriate incentives and facilitate capacity development to facilitate the transition, he said. On 4 November 2019, the United States notified the depositary of its withdrawal from the Agreement, which is to take effect exactly one year after that date. [30] M. Masagos highlighted several ways Singapore – which depends on natural gas, the cleanest form of fossil fuels, for its energy needs – is doing its part to make energy more sustainable. Singapore has played an active role in international climate negotiations.
We ratified the UNFCCC in 1997 and acceded to the Kyoto Protocol in 2006. In addition, we ratified the Doha Amendment to the Kyoto Protocol in 2014. As part of the UNFCCC process, we have worked with other parties and will continue to do so to advance the international climate change agenda. With regard to the Durban Platform, agreement has been reached on a second commitment period of the Kyoto Protocol. It was also agreed to start negotiations on a new legally binding global agreement that would apply to all countries and is expected to enter into force in 2020. The Durban conference also agreed on a set of important decisions, including the creation of a Green Climate Fund to provide climate-related finance to developing countries to reduce emissions and adapt to climate change. Singapore also strongly believes in contributing to global efforts by building the capacity of other developing countries to meet their climate commitments and take effective action against climate change. In particular, in 2018, as part of the Singapore Cooperation Programme, we developed a special climate protection package (CAP) to support capacity building in developing countries in areas such as climate science, flood management and disaster risk reduction.
Recently, we have taken a number of capacity-building initiatives with other ASEAN member states to effectively implement the Paris Agreement. Our technical assistance programmes have been implemented bilaterally, with other countries or in partnership with relevant international organisations. "Singapore, as a small, low-lying island city-state, is particularly vulnerable to the effects of climate change," he added. The causes and effects of global climate change can only be effectively addressed through a concerted international effort. Every country must do its part to reduce global greenhouse gas concentrations (GGS) and adapt to the effects of climate change. On June 1, 2017, U.S. President Donald Trump announced that the United States would withdraw from the agreement. [24] Pursuant to Article 28, the earliest possible date for the effective withdrawal of the United States is November 4, 2020, with the Agreement having entered into force in the United States on November 4, 2016. If it had chosen to withdraw from the UNFCCC, it could enter into force immediately (the UNFCCC entered into force for the United States in 1994) and a year later. On August 4, 2017, the Trump administration sent an official notice to the United Nations stating that the United States intended to withdraw from the Paris Agreement as soon as it was legally allowed to do so.
[25] The formal declaration of withdrawal could only be submitted once the agreement would have been in force for the United States for 3 years in 2019. [26] [27] At the UN Climate Change Conference in Doha, the parties agreed on a new eight-year commitment period under the Kyoto Protocol, agreed on a set timetable for the adoption of a universal agreement on climate change by 2015 and agreed on a way to increase the ambitions needed to respond to climate change. They also endorsed the completion of new institutions and agreed on ways to provide developing countries with increased climate finance and technology. On 12 December 2015, at the 21st Conference of the Parties to the UNFCCC (COP-21) in Paris, 196 Parties adopted a new climate agreement that applies to all Parties. The Paris Agreement, which will enter into force after 2020, aims to keep the global average temperature rise well below 2°C and make efforts to limit the temperature rise to 1.5°C. The U.S. decision to return to the agreement is a positive development that gives a major boost to global efforts to jointly combat climate change, the State Department (MFA) said thursday, January 21. .
Is Hotel Business Haram in Islam
Thirdly, I can make a pilgrimage (Hajj) from my salary that I receive from the hotel, if so, how can I separate the service fee from my salary. So, if you work for a company or are employed by a company that exclusively sells Haram products or services, or whose main activity consists of illegal products, e.B bars serving alcohol, or casinos or prostitution caves or interest-based commercial banks, etc., without an iota of doubt, you would share a reasonable burden of sin if you exchange and facilitate products and services, which have been clearly declared haraam by Allah and His Messenger (Saws). 3. Does it make a difference in terms of the location of the hotel and the fact that the hotel is far from the casino itself? I work in the hotel industry, where as a nature of hospitality we have a bar in the hotel where we received our salary from the hotel, is it haram? @mode. 1. you know what they are saying. There are 4 Islamic resorts (hotels) in Dubai. and btw there is Islamic tourism in so many countries, not just in Dubai like Saudi Arabia, Kuwait, etc. You have such limited knowledge, inchallah, if we do things after Islam, things will go well. Rooms, restaurant and rooms must be free of Haram food and drinks.
Allah has given us enough halaal that we do not need what is haraam. Keeping the hotel free of these haram things will bring barakah (blessings) and attract reasonable and conservative guests, and there is nothing good about those who are the opposite. Whoever is able to build a hotel in his country must adhere to what keeps it free from sin and differs from other bad hotels by adhering to The guidelines of Sharia law. This includes the following: We do not believe that the hotel owner should open the door of evil by opening a health club or swimming pool, unless it meets two directives: Verification of the identity of the woman accompanying the guest so that immoral people do not take advantage of hotel rooms to commit acts that Allah has forbidden. There is nothing wrong with hiring the wives or sisters of some workers to deal with issues where a woman is needed, such as.B. verifying the identity of women in Niqaab or to deal with guests in general. It will also allow guests to feel more comfortable and build bridges of trust and friendship with this conservative hotel, as long as you make sure the woman works with her husband or brother and is not clearly visible, but she should be in her own office where she can maintain her blanket and chastity. SHAMS KANANI: Dubai has unfortunately become an illegal business center, but when you come here, you will see that you will not find any of these types of women nearby, and we feel at home, that it is like a family hotel.
As for visiting relatives staying at such hotels, it is best to ask them to meet you elsewhere to avoid the immorality of the casino and its spiritual side effects. Concerted efforts should be made to discourage these relatives from booking in such hotels in the future. Finally, we should draw attention to cleanliness and prices. Those who stay in such hotels should not find that their hotels are dirty and not clean, but set an example of cleanliness and good organization. The price of the rooms should also not be too high; These hotels should be a good example of friendly relations with people, and we offer people the good news that the phenomenon of conservative and Islamic hotels is spreading in many Muslim countries. This is something that appeals to the hearts of conservative people and elevates the mood of those who are religiously engaged. KAI RYSSDAL: We are live from Dubai to the United Arab Emirates this week. A guy I was having dinner with the other day ordered a beer when we sat down. It didn`t work.
I think it ended with sparkling water. Sharia, or Islamic law, appears in many different companies in this region, including the hotel industry. Dubai-based Al Mulla Group announced not so long ago a portfolio of Shariah-compliant hotels. Alcohol-free. The food will be "halal", prepared in accordance with Islamic laws, and they will have different servers for men and women. Hotels that are a little less austere but still favorable to Islam are appearing throughout the Middle East, including here in a slightly less austere Dubai. On the one hand, Guernier says you can buy alcohol in a duty-free and drink it in your room, and that`s true of all these places. On the other hand, he says people should focus on what a hotel offers.
He gave the example of the Taj Palace Hotel, which has been in existence for seven years. SINGH: We just want to show everyone that we are a hotel. We don`t want them to buy us because we are Sharia, and we don`t want them to buy us because we are Sharia. Kanani was actually the first guest of the Taj Palace Hotel in Dubai. He came running when he learned that it would be in accordance with Sharia law. He also says his company is active in hotel management and sees many opportunities in the West for hotels where Muslims feel at home. Because the basic essence and activity of the hotel industry is to provide accommodation to its clients.et just because the hotel happens to have a bar that serves alcohol, the whole hotel industry or the company does not make haram. If a show may be employed in the hotel industry but has absolutely nothing to do with buying, selling, servicing or registering haram, products.it safe to assume that the wages earned for their service would come from the hotel`s halaal revenue streams. In principle, if you have difficulty booking a hotel and the only hotels available are those related to casinos, it is allowed to stay in the hotel, provided that you have an urgent need for hotel reservation and stay completely away from injustices.
However, being so close to these harmful and immoral vices is always extremely despicable and will have their negative spiritual effects. If a person does not have an urgent need or if other hotels are available, it is not allowed to stay in such hotels. Allah Ta`āla says in the Holy Qur`an, your question: .secondly, we receive a service fee from our employer, which is added to our salary, and this service fee comes from all points of sale, including the bar, in this edition, what should I do. thirdly, I can go on pilgrimage from my salary that I receive from the hotel, if so, how can I separate the service fee from my salary. Keep the hotel free of workers and haram mixing that takes place in many hotels; It is unfortunate that women are exploited in such places in the worst way, where beautiful women work at the reception and information desk, and those who are less beautiful have to clean the rooms. Whoever wants to stick to sharee`ah must avoid this evil and not employ women out of fear for themselves and for others. But many of them were on the day I left, or at least there were a lot of women draped in black abayas covering everything, including their faces in some cases, and one of the guests made a point to explain why he loved her there. His name is Shams Kanani. A self-proclaimed international businessman from Kenya. 1. Can you tell me if it is allowed to stay in a hotel connected to a casino? There are many such hotels here in South Africa that have both a casino and a hotel. Is it allowed to stay there? Please quote a hadith.
The fact is that Dubai has really adapted to all arrivals. It`s a place where you can let off steam, so a Shariah-compliant hotel is new here, but many of them are in the works, including a fully Islamic-friendly brand called Tamani. The first has just opened in Dubai Marina. Five more are planned for Dubai alone. Twenty-two hundred rooms in a hotel market that starves them, and fortunately for me, Tamani did not hesitate to talk a little about Sharia. 2. If one of your loved ones was staying at the hotel above, would it be allowed to visit them? Visiting here means not staying, buying or using any of the hotel facilities. We work as secretaries, the thing is that I`m in the Food & Beverage department, I don`t approach alcohol or anything, I`m just worried. We both have to work because we are at the beginning of our lives. What do you think works in haram hotels? GUERNIER: This is a Sharia hotel. It`s a great one, I`ve been there 25 times.
Excellent hotels, no bar, then? You go to the lobby. You watch. Do you think they are all Arabs? Sean Cole: I went to the new Copthorne on the day it opened. This is a four-star hotel not far from the airport. Manish Singh, the assistant director of sales and marketing, showed me around. It is better for the hotel owner to install a small shelf with Islamic books in each room, containing a copy of the Holy Quran and easy-to-read books on various Islamic topics, and he should place a larger shelf in the hotel lounge or in a large separate room and equip it with modern equipment. such as computers and audio and video cassettes, magazines and conservative newspapers free of bad images. My husband and I got married a year ago, we are currently working in Egypt in a 5 star hotel, the problem is that lately we have found that we rarely save anything until the end of the month. .
Is a Text Message Legally Binding in Pennsylvania
In today`s world of SMS and email, individuals regularly communicate via these written forms of communication with their mobile devices for professional and personal matters. In construction projects, it`s no secret that emails have largely replaced other forms of written correspondence, such as letters and faxes. Recently, text messaging (SMS) has become one of the most important means of communication on a construction site. It is important to avoid accidental SMS contracts, which can become legally binding. The inclusion of the "contractual" language, as in all email communications, may clarify your intent. The court concluded that the text message from the seller`s representative asking the buyer to sign the letter of intent and make a deposit was a document that, read in the context of other exchanges between the parties, contained sufficient conditions to create a binding and enforceable contract between the seller and the original buyer. In reaching this conclusion, the Court recognized that electronic writings of relative informality and brevity may satisfy the drafting requirements, that the essential conditions of a contract may be written on several fonts that can be read together, and that the signature requirements may be met in the absence of a formal signature. As more and more transactions are made via SMS, new questions continue to arise about the legal implications of such an exchange. Although the law has been evolving in terms of email communications for some time, the courts are just beginning to resolve some disputes and issues surrounding SMS.
With the proliferation of this form of communication to facilitate day-to-day operations, companies need to understand the potential legal implications and considerations that come into play in this form of quick and often occasional communication. Subject to UETA, a contract can be created by any electronic means, not just by e-mail. Although a text message string may seem occasional and therefore unenforceable, UETA says the opposite. If a text message string contains the necessary contractual language, the text messages are legally binding. The short answer is, it depends. There are times when SMS can be legally binding and times when this is not possible. You can avoid accidental contracts via email by indicating that your negotiations are "contractual" and that you do not intend the notices to be binding. In addition, a binding contract can be found in Florida even without a written signature. It is often enough to sign an email with your name.
If a person uses the terms of the contract in the context of multiple email communications, a valid contract can be found. However, oral contracts relating to other types of agreements may be legally binding if they contain all the necessary elements of a contract. If the text is the beginning of the rental, that is, an offer with certain conditions and acceptance, can a textual acceptance be legally binding on the owner? Well, it depends. Some leases may be oral, and the texts would probably be sufficient for oral communication. But there are legal requirements, what must be written, as well as the form and delivery of the letter. To date, few jurisdictions consider SMS to be a legal written notice, and none consider it a legal document. That is, it can sometimes be legally binding when a text accepts a formal written document. But the text itself cannot be the formal written document. Recently, a Massachusetts court ruled that a text message can represent a sufficient policy to create a binding contract for the sale of land. In der Rechtssache St.
John`s Holdings, LLC for Two Electronics, LLC, an agent of the buyer and a representative of the seller, exchanged a series of draft letters of intent, as well as emails and text messages about the sale of a property. When they agreed on a final letter of intent, the seller`s representative sent a text message to the buyer`s agent and asked the buyer to sign the final letter of intent and pay a deposit. On the same day, the buyer`s representative arranged a meeting with the seller`s agent and handed over the final signed letter of intent and deposit cheque, which were forwarded to the seller. The seller then refused to execute the letter of intent and attempted to enter into a purchase contract with another buyer. The original buyer filed a lawsuit to enforce its rights to purchase the property. In 2016, St. John`s Holdings, LLC v. Two Electronics, LLC raised the question of whether or not a text message is a valid legal document. Text messaging has changed the way people communicate over long and small distances. As it is a form of digitized and traceable communication between two or more parties, text messages are often raised in legal disputes. But can text messaging replace unilateral and bilateral treaties negotiated between one or more parties? Is a text message a legal document? If you want to accept legally binding SMS between the landlord and the tenant, it is best to define the protocol in advance and in writing.
At the very least, confirm that landlords and tenants are interested in using texts for communication and be consistent in using texts for the agreed uses. Potentially acceptable legally binding texts could be: As more and more communications are exchanged via SMS, prior communication in disputes and arbitrations involves more and more text messages. Companies need to recognize that retention obligations extend to electronically stored information, including text messages. Steps should be taken to retain text messages related to the project to avoid possible evidentiary problems and possible investigative sanctions in the event of a dispute. Companies should have policies in place to address the use of mobile phones and the types of project communication that are discussed and exchanged via SMS. In addition, companies should set a retention policy to keep project-related text messages on private and company-owned mobile phones – B4 is 2 years behind! While this case was decided under Massachusetts law and concerns the signing and writing requirements that apply to real estate contracts under the Fraud Statute, there are important lessons and warnings that can be taken from this court`s decision. This decision reflects the fact that the courts are generally beginning to evolve the law and adapt it to current technologies and methods of communication used by individuals and businesses. It is important to assume that the courts will conclude that the evidence of a legally enforceable contract may be based on a series of short and informal electronic communications between the parties` representatives in construction contracts, which are subject to the principles of customary law and not to the increased standards of the Fraud Act. If that sounds confusing, you`re right! SMS is a relatively new form of communication, with some demographic groups finding it more useful and acceptable than others.
If you use text to legally bind, take advantage of your opportunities. And there`s a good chance that, in order to enforce your text, you`ll have to go to court. If you believe, you will need a written record on the street to prove communication, using traditional written forms and not texts. Some oral contracts are also enforceable. However, the evolution of technology adds to the confusion about valid contracts. Many wonder whether agreements made via email or SMS are legally binding. The advice of an experienced business lawyer helps answer complex questions about contracts and the validity of contracts. A text message can be a legal document under the ESIGN Act that gives electronically signed contracts the same weight as paper and ink contracts. In this way, acceptance methods such as electronic signatures, clickwrap agreements and text messages can act as unilateral contracts, provided that there is a clear method of consent (tick a box, SMS "I accept", etc.) and an actual notification (link to a contract document in a text, on a payment screen, etc.). However, if "the damage has been done" and you need to prove that a text exchange you have is a legally binding agreement, contact a local owner-tenant advocate. These cases are very specific to the facts, and a lawyer can help you determine your best legal process. In Pennsylvania, a contract does not need to be written to be considered valid.
This can cause confusion if one party believes that a contract exists and the other party disagrees or contracts. In addition to misunderstandings between the parties, the addition of emails and texts plays a role that requires the courts to determine and clarify whether these methods constitute a contract. The case concerned whether the parties had merely negotiated the acquisition of the property or whether their transactions, carried out through electronic communications by SMS and e-mail, had resulted in a binding contract for the purchase and sale of the property. The conclusion of a legally enforceable contract requires a clear offer, a clear acceptance of that offer and the agreement of both parties to the terms of that offer. In order for contracts for the sale of immovable property to be enforceable, the Fraud Act requires that they be supported by a document containing the essential conditions and signed by the party against whom enforcement is sought. A contract is a legally binding agreement between two or more parties to do something. When drawing up a contract, all parties must agree to perform their obligations under the terms of the contract. .