Explicit contract

Explicit contract,

Definition of Explicit contract:

  1. A contract in which the terms and requirements incumbent on all involved parties are clearly stated in writing, agreed upon, and signed by all participants. Explicit contracts are generally used in formal business agreements, financial transactions, sales of property and other high-value assets, and other situations where significant value or obligations apply. Opposite of implicit contract or implied contract.

Meaning of Explicit contract & Explicit contract Definition