Glossary > C

Contract Obligations

Contract obligations are the duties each Party to a Contract is legally and / or operationally responsible for throughout that Contract's operational lifetime.

Duties often relate to the operation of a contract such as:

Issuing invoices within a certain amount of time of the end of the month
Not issuing invoices later than a specified time following delivery of an order
Paying invoices by the agreed due date

Responsibilities occasionally run for some agreed period following its termination.