Key Difference – Contract vs Purchase Order Both contract and purchase order are two ways of entering into a form of agreement. Agreements are commonly found in business and personal transactions and provide validity and distinct terms under which a specific task is to be completed. A purchase order is a type of contract. The […]
Difference Between Bilateral and Multilateral Trade Agreements
Bilateral vs Multilateral Trade Agreements Bilateral and Multilateral Trade Agreements are not uncommon terms, and that makes it easier to determine the difference between them. Indeed, although most of us might not be aware of their precise definition, we have a general idea as to their meaning. In simple terms, Bilateral refers to something […]
Difference Between Condition and Warranty
Condition vs Warranty Companies frequently conduct business transactions with consumers and other firms. In order to conduct transactions in a safe manner it is important to write up a contract for sale of goods which will lay out the terms, conditions, rights, and legal implications that surround the sale. Conditions and warranties are two […]
Difference Between Lessor and Lessee
Lessor vs Lessee A business owner who requires a specific asset has two options to obtain the asset; he can either purchase it or lease the asset. Leasing an asset can be more economical than purchasing it, as a lease is like renting an asset and using it over the period of time that […]
Difference Between Representation and Warranty
Representation vs Warranty In business and legal contracts, there are often terms that are very confusing and almost like riddles. We all are aware of the concept of warranty as we get assurance from the manufacturer against defects and problems that may crop up in products that we purchase form the market. When the […]
Difference Between Assignment and Delegation
Assignment vs Delegation Contracts law has many important concepts. Two complimentary concepts in these are delegation and assignment. A very thin line divides assignment and delegation. This article attempts to highlight the differences between assignment and delegation by discussing the features of both. Assignment In any contract, there are rights held by a party. […]
Difference Between Novation and Assignment
Novation vs Assignment In businesses and commercial activities, contracts and agreements hold great significance, especially in these times of mergers and acquisitions, and change in partnerships in between projects. It is thus, prudent to know the differences between Novation and assignment to safeguard one’s financial interests when entering into a contract or agreement with another […]
Difference Between Liquidated Damages and Penalty
Liquidated Damages vs Penalty These days it has become common to includ terms like liquidated damages and penalty in contracts beforehand to avoid possible losses in case of breach of contract by a party. Though, payment of a sum of money may be stipulated in a contract, the payment of money is actually decided by […]
Difference Between Liquidated Damages and Damages
Liquidated Damages vs Damages Damages and liquidated damages are legal terms that are often encountered when signing a contract with another party, irrespective of profession. Damages are sums of money that are mentioned in the contract, and are required to be paid to the victim in case of breach of contract by another party. A […]
Difference Between Indemnity and Guarantee
Indemnity vs Guarantee Indemnity and guarantee are two important ways to safeguard ones interests when entering into a contract. There are many similarities between the two concepts though they differ a lot also. This article will highlight the differences between Indemnity and guarantee to enable readers to choose one of the two depending upon circumstances and […]