Contract Budget
/ˈkɒntrækt ˈbʌdʒɪt/
Definitions
- (n.) A detailed financial plan specifying the estimated costs and authorized expenditures for fulfilling a contract's obligations.
The project was delayed when the contract budget was exceeded.
Forms
- contract budget
- contract budgets
Related terms
See also
Commentary
A contract budget serves as a baseline for managing costs within contract performance and should be clearly defined to avoid disputes over financial responsibilities.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.