When drafting contracts, the phrase ‘terms and conditions is often used to describe any term, but legally the terms of an agreement may be conditions or warranties. A condition is a term that goes to the root of the agreement, and breach of a condition may afford the injured party the right to terminate, as well as to claim damages. A warranty is an assurance given by one party that specific promises will be honoured; breaching a warranty affords only the right to claim damages. The distinction between conditions and warranties is not influenced by the way the contract is drafted, but rather results from the nature of the agreement. See also Terms and Conditions.« Back to Glossary Index
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 consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.