Contract Withdrawal
/ˈkɒntrækt wɪðˈdrɔːəl/
Definitions
- (n.) The act of a party voluntarily rescinding or retracting a previously made contract before it is fully executed or legally effective.
The buyer's contract withdrawal before closing resulted in no penalties under the agreement.
- (n.) A party's termination or cancellation of a contract in accordance with contractual or statutory rights.
The contractor's withdrawal from the contract due to breach was legally justified.
Forms
- contract withdrawal
- contract withdrawals
Related terms
See also
Commentary
Contract withdrawal often requires explicit contractual authority or legal grounds; parties should clearly document the withdrawal to avoid disputes.
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.