Contract Agreement Vocabulary

CONTRACT AGREEMENT

Supplier: Nybo Furniture Company

Customer: Regional Bank Saltillo

 

Contract Agreement:

 

1. Definition of Terms
   1. “Products” refers to all those items listed on the price listing sheet and any item supplied by Nybo Furniture Company hereinafter.
   2. “Supplier” refers to Nybo Furniture Company
   3. “Buyer” refers to Regional Bank Saltillo
   4. “Stock” refers to the items purchased by the buyer.

 

2. Duration of the Contract
   2016. The contract enters into effect on the date it is signed by each party and has a fixed term ending on December 31^st, 2016. This contract may be altered at any time by the supplier to suit availability of product and shipment.
   2017. The contract can be terminated at any time by the supplier and any deals made heretofore become null and void, at no extra cost to the supplier. The supplier is not liable to pay any compensation to the buyer.

 

3. Delivery
   1. Once the stock has left the supplier’s warehouse, the supplier relinquishes responsibility hereinafter and the buyer assumes full responsibility of the stock and is liable to pay for any damage caused during the loading, transportation and unloading processes. Any damage to the products cannot be held accountable on behalf of the supplier.
   2. One condition is that the supplier must receive payment in full before any items can be dispatched. If the supplier has not received the payment in full, the supplier is permitted to hold the items in its warehouse without release.

 

4. Price
   1. The price agreement between the two parties, supplier and buyer, is fixed for six months and hereinafter renegotiated by the supplier and the buyer. The supplier and buyer will discuss any additional costs proposed by the supplier.
   2. Defaulting on a payment is subject to a penalty of 25% of the product cost. If the supplier is unable to fulfill an order, the supplier is subject to a penalty of 25% of the product cost.
   3. The purchase price for the relevant office furniture delivered is to be fulfilled and paid within one day from the date of invoice for the delivery.

 

 

Nybo Furniture Company (Supplier)                          Regional Bank Saltillo (Buyer)

 

_____________________________                          _____________________________

 

---

*Activity #1:

Now that you have read the contract, match the vocabulary and definitions

 

1. NULL AND VOID ( )                 A. in the interest of (person, etc.); for (person, etc.)

 

2. ON BEHALF OF ( )                     B. invalid; without legal force; not binding

 

3. HEREINAFTER ( )                      C. to cause

 

4. TO BE SUBJECT TO (  )             D. a particular statement or requirement in a contract

 

5. HERETOFORE ( )                      E. in the following part (of this document, etc.)

 

6. CONDITION ( )                          F. up until now; until the present; before this

 

 

7. TO FULFILL ( )                          G. when a customer is unable to pay an agreed price

 

8. LIABLE ( )                                   H. an arrangement between two or more people, etc.

 

9. PARTY ( )                                    I. legally responsible for causing damage or injury

 

10. DEFAULT ( )                              J. the person or company forming one side of an agreement

 

11. AGREEMENT ( )                       K. to satisfy a condition; to complete the required task

 

12. TO RELINQUISH ( )                L. to adjust

 

13. TO SUIT ( )                                 M. to surrender; to renounce

---

*Activity #2:

Based on how “ed” sounds in these verbs, choose “T / D / ID”

(Repasar pronunciación verbos regulares) 

 

                                                            T                                 D                                 ID

1. LISTED:
2. SUPPLIED:
3. PURCHASED:
4. SIGNED:
5. FIXED:
6. ALTERED:
7. TERMINATED:
8. CAUSED:
9. DISPATCHED:
10. RECEIVED:
11. PERMITTED:
12. RENEGOTIATED:
13. PROPOSED:
14. DELIVERED:

---

*Activity #3: Speaking

Have a conversation with your colleagues and U24business Coach … Why do you think written agreements are important? What are some contracts/agreements that you have signed?  Have you ever done something on behalf of someone else?