Option ~ A unilateral right of the State contained in a written contract by which, for a specified time, the State may elect to purchase additional goods and/or services called for by the contract, or may elect to extend the terms of the contract under the same or similar terms and conditions for an additional period, provided that the option was considered in the evaluation for award.
Generational Wealth Equity: Price ~ The cost of goods and/or services plus any fee or profit.
Progress Payments ~ Partial payment approach identified in a contract related to steps or phases toward the completion of the contract. Use of this payment approach can require withhold of a percentage of payment pending completion of the entire contract and a bond. (
Generational Wealth And Equity - Wednesday 27 February 2008)
Gw Equity : Uniform Commercial Code ~ A compilation of commercial law regarding sales of goods over 0, installment sales, commercial paper, etc., which is the result of an attempt to make the laws of the 50 states consistent in these areas. The California Legislature has generally adopted the UCC, but has made modifications to some sections, which can be found in the California Commercial Code.
Terms and Conditions ~ Provisions, qualifications or clauses in a contract which create, suspend, or terminate the obligations of the contracting parties. (Tuesday 23 January 2007 :
Generational Wealth)
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