ESL Podcast 288 - A Business Contract

contract - a written agreement between two or more people, businesses, or organizations

Many cell phone companies make their customers sign a six-month or one-year service contract.

party - a person, business, or organization that signs a contract

Most rental agreements have two parties: the property owner and the renter.

terms - conditions; the specific requirements that are in a contract

According to the terms of this agreement, the company must send us reports every two weeks.

in the best interest of (someone or something) - good for someone or something; what someone or something needs to do or to have done

It's in the best interest of the company to be involved in the local community.

to be signed - to have individuals write their names at the end of a contract to show that they officially agree with what the contract says

Once the marriage certificate is signed, you'll officially be married.

to proceed - to continue with something; to move toward finishing something

After the opening speech, the conference will proceed with a lecture by Dr. Chang.

article - one section in a contract

If everyone will turn to page five, I'll talk briefly about each of the seven articles.

clause - a sentence or a part of a sentence in a contract that says what must be done, or what must not be done

Did you know that the contract has a clause saying that you'll have to pay $300 if you cancel your Internet service during the first three months?

objectionable - something that one cannot agree to because it is inappropriate, wrong, or offensive

Mindy thought that her son was reading a book with objectionable material.

in order - all right; without any problems; okay

Welcome to our hotel. We hope you'll find everything in the room to be in order.

stipulation - something that one says must be done, or that must be included in a contract

When we rented out the apartment, one of our stipulations was that the renter must live there for at least one year.

to declare - to say something officially and clearly

The judging panel declared Serena to be the winner of the art contest.

null and void - not valid; cancelled; not applicable

The employment contract became null and void when the employee was found drinking at work.

to bring (something) up - to mention something; to talk about something; to introduce an idea in a conversation

Don't forget to bring up your idea at the meeting this afternoon.

sticking point - something that people cannot agree on; a disagreement that must be resolved (fixed) before a contract can be signed

The two co-owners of the business reached a sticking point when they disagreed about whether they should open a new store location.

negotiations - formal discussions between two people or organization as they try to reach an agreement or write a contract

Sometimes the United Nations tries to help other countries in their peace negotiations.

compromise - an agreement made by having each person or organization give up something, so that neither one gets everything they want, but they are able to reach a satisfactory agreement

Anana wanted to buy a small apartment, but her husband wanted to buy a very large home, so they made a compromise and bought a small home.