Definition of Binding contract:
An agreement in writing between two or more individuals or entities in which a court can impose penalties in the event one party attempts to negate on his or her promise as set forth in the signed document.
How to use Binding contract in a sentence?
- You need to make sure that you get a binding contract if you are doing business with someone who has a bad reputation.
- Paul was required to pay his business partner $50,000 in commissions because the judge reviewed their corporate agreement and it was found to be binding contract .
- The document I have placed in front of you will need to be thoroughly examined and signed by both parties before it can be considered a legally binding contract in a court of law.
Meaning of Binding contract & Binding contract Definition