Contract Principal

From Open Risk Manual

Definition

Contract Principal. The party identified as being the principal or first party to a contract, in the event that the contract distinguishes any party as the principal

In law, the principal is the party that has the primary responsibility in a liability or obligation, as opposed to an endorser, guarantor, or surety.

See Also


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This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.

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