Contractual Balance
/ˌkɒntrækʧuəl ˈbælən(t)s/
Definitions
- (n.) The net financial position or remaining obligations between parties as stipulated by a contract, reflecting amounts owed or due.
The contractual balance must be settled before the project can proceed.
Related terms
See also
Commentary
Typically refers to the monetary or performance status under a contract, important for assessing parties' rights and duties.
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.