When parties have entered into a legally binding agreement and one party fails to fulfil their obligations under the terms of that agreement, they are said to be in breach of the agreement. The significance of a breach depends upon the relative importance of the term that has been breached. For example, breach of a warranty (an assurance given by one party that specific promises will be honoured) may give the right to damages, but will not normally give the right to termination. Breach of a condition will give the other party the right to terminate the agreement. Distinguishing whether the contractual term is a condition or a warranty will depend upon the nature of the agreement. See also Contract and Terms and Conditions.
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Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and procurement consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.
