WebContractual Obligations Overview. The best way to define contractual obligations is to say that they are the legal responsibilities of each party involved in a contractual agreement. WebContractual Obligation means, with respect to any Person, any contract, agreement, deed, mortgage, lease, sublease, license, sublicense or other legally enforceable commitment, promise, undertaking, obligation, arrangement, instrument or understanding, whether written or oral, to which or by which such Person is a party or …
What is a contractual obligation? - juro.com
WebJul 15, 2024 · By definition a contract is an agreement between parties creating mutual obligations enforceable by law. A contractual obligation can come in different forms, including the completion of certain tasks, avoidance of certain acts, delivery of products or services, and the payment of consideration. Parties that fail to fulfill their obligations ... WebMar 23, 2024 · An obligor, also known as a debtor, is a person or entity who is legally or contractually obliged to provide a benefit or payment to another. In a financial context, the term "obligor" refers to... tasker housing projects philadelphia
Contractual obligation definition and meaning - Collins Dictionary
WebHaving been imposed or established by authority Legally or officially valid or binding Adjective Of or pertaining to a contract pledged predetermined prescribed promised votive vowed “Too many franchisors are able to abuse their market power and contractual obligations without any effective sanction under the current law.” Adjective Web: of, relating to, or constituting a contract contractually adverb Example Sentences They had to fulfill their contractual obligations before they could get paid. WebDefinition of Obligatory Advance When it comes to real estate, an obligatory advance is an amount of money that was contractually agreed upon between a lender and a borrower. This type of contracted loan advance is in mortgage loans that are dependent on completion of work, such as construction or remodelling mortgages. Why is this term important? the buckle dude shoes