IACCM Contract Management Forum

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2019-09-06 18:56:36

Difference between Terms and Conditions

Can anyone explain me the difference between Terms and conditions with an example?
 •  IACCM  •   2019-09-06 23:23:45
Terms are basically things that we agree to do or not to do. For example, a Tenant agrees to pay money for rent, while the Landlord agrees to let the Tenant occupy the property in return. Or a software company will let you use their software for a predetermined amount of time.

Conditions are items that must be satisfied before the transaction becomes binding upon the seller and the buyer. Or after signing/award, the conditions can be items for dissolution of the agreement.

For example, some buyers insert a condition for due diligence that allows the buyer to verify all important details before committing to purchase.

Or if you fail to deliver on or stick to what was agreed, the conditions can spell out how the contract will be terminated.
 •   2019-09-10 13:03:51
Thank you, Mark for explaining it with examples.
Replies: 2
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