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Performance based contracting ( PBC ), also known as performance-based logistics ( PBL) or performance-based acquisition, is a product and services purchasing strategy used to achieve measurable supplier performance. A PBC approach focuses on developing strategic performance metrics and directly relating contracting payment to performance ...
Specific performance is an equitable remedy in the law of contract, whereby a court issues an order requiring a party to perform a specific act, such as to complete performance of the contract. [1] It is typically available in the sale of land law, but otherwise is not generally available if damages are an appropriate alternative.
Substantial performance. At common law, substantial performance is an alternative principle to the perfect tender rule. It allows a court to imply a term that allows a partial or substantially similar performance to stand in for the performance specified in the contract. This principle is relevant when a contractor's performance is in some way ...
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date, and the activities and intentions of the parties entering into a contract may be referred to ...
In the United States, the processes of government procurement enable federal, state and local government bodies in the country to acquire goods, services (including construction ), and interests in real property. [1] Contracting with the federal government or with state and local public bodies enables interested businesses to become suppliers ...
The pre-existing duty rule is an aspect of consideration within the law of contract. Originating in England the concept of consideration has been adopted by other jurisdictions, including the US. In essence, this rule declares that performance of a pre-existing duty does not amount to good consideration to support a valid contract; but there ...
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