Draft Contract

From Open Risk Manual

Definition

Draft Contract. A document which, once agreed to be such by some parties, may become a contract between those parties.

A draft contract is an initial contract which is drawn up and sent from the vendor to the buyer. The buyer has the opportunity to make amendments and send it back to the vendor for consideration. This process continues until both parties are satisfied with the terms of the contract.

Disclaimer

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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