This Latin term means ‘in utmost good faith’. It is used in contracts, particularly insurance contracts, to reflect the fact that, if one party is to rely on the other party to disclose all relevant information, then there is an obligation on the party disclosing the information to be full and honest in its disclosure. See also Insurance.
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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 consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.
