What is contract amount?

Contract Amount means the amount set out in the Contract to be payable to the Contractor for the Work, subject to the terms and conditions of the Contract; Sample 1.

What is certain sum?

A sum certain describes the predetermined settlement price for a contract or negotiable instrument. It refers to a fixed or specific amount of money, without any room for ambiguity.

What is a reasonable contract?

A typical manifestation of reasonableness is where a party would be provided the right to exercise its discretion in making a decision under a contract provision. The party who has the right to make a decision will want to be able to make it at its sole discretion.

How much is the contract price?

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The contract price is the price for the goods or services to be received in the contract. The contract price helps to determine whether a contract may exist. If the contract price is not included in the written contract, then upon litigation the court may hold that a contract did not exist.

What is the sum payable?

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The amount that needs to be paid in order to satisfy the obligation.

How do you calculate profit in a contract account?

Estimated Profit: Suppose, for a contract of Rs. 4, 00,000, it is estimated that the total cost of completing the contract will be Rs. 3, 20,000, thus giving a profit of Rs. 80,000.

What is a reasonable time law?

If the parties to a contract or agreement have not established a specific timescale within which things must happen, the law may apply the concept of ‘reasonable time’. In that case, any time that is not manifestly unreasonable in those circumstances may be termed ‘reasonable time’.

What is a reasonableness standard?

A reasonableness standard is often a benchmark used in court when reviewing the decisions made by a particular party. The reasonableness standard is a test that asks whether the decisions made were legitimate and designed to remedy a certain issue under the circumstances at the time.

What constitutes certainty as to sum of money?

What constitutes certainty as to sum ▪ The sum payable is a sum certain within the meaning of this act, although it is to be paid:  With exchange, whether at a fixed rate or at the current rate; or  With costs of collection or an attorney’s fee, in case payment shall not be made at maturity.

What is a commercially reasonable amount of time?

Commercially Reasonable Period of Time means at least twelve months for a willing buyer and a willing seller to agree on price and terms, plus the time necessary to complete the sale.

What is reasonable time for performance of a contract is a question of?

—Where, by the contract, a promisor is to perform his promise without application by the promisee, and no time for performance is specified, the engagement must be performed within a reasonable time.” Explanation. —The question “what is a reasonable time” is, in each particular case, a question of fact.