Welcome back to Weekly Word Wizard ! This week, we will talk about the terms used in Contract Preparation.
• Conditions: Items included in a contract that create a legal obligation which, if unmet, would cause the contract to be null and void.
• Contingency: Contingencies create obligations and conditions in a contract which, if unmet, would allow one party to seek compensation or restitution for the failure.
• Riders: Issues that are listed as an addendum to the contract. Riders do not negate or nullify the contract, but add additional language—or obligations to either party.
• Adjusted Sales Price: The final price listed in the purchase agreement after adjusting for any financial deductions or concessions from the seller.