A contract that is payable for performance in one single lump sum and with no division.
Related Legal Terms & Definitions
- LUMP SUM SETTLEMENT A payment made to settle a matter or lawsuit that is made in one single…
- LUMP SUM In a single payment or a single installment.
- ACCELERATED OPTION To allow for an early payoff in a single lump sum instead of a series…
- PREPARATORY CONTRACT An agreement that is in anticipation of another subsequent contract that will supersede the terms…
- LUMP SUM PAYMENT A single payment made at one time rather than smaller periodic installment payments.
- PERFORMANCE The fulfillment or accomplishment of a promise, contract, or other obligation according to its terms.…
- PARTIAL PERFORMANCE The completion of a divisible obligation of a contract. The general rule is that partial…
- OF THE ESSENCE A requirement of a contract that is essential or of vital performance. For example, time…