by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a Shrink-wrap Agreement? A Shrink Wrap agreement can be defined as a legal agreement that is packaged within a product. In this type of agreement, products are sealed or enclosed in shrink wrap (plastic wrap) implying that the goods (and thus the legal...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a Service Level Agreement? A service-level agreement (SLA) simply means the contract or agreement that exists between a service provider and the end user or client. SLAs refer to outputs from a service provider that the customer is expected to receive. SLA...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a Standby Letter of Credit? A Letter of Credit is a promise to pay a specific amount to a named payee upon fulfillment of the requirements laid out in the letter. Read more about how a letter of credit works. Standby Letters of Credit (SLOC) is issued to stand...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a Surety?Providing guarantee of debt repayment by another party, is called standing in as Surety. An individual or an organization can offer Surety for another individual or organization that’s borrowing the money, and is liable on record to step in and...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What does it mean to Pledge Assets as Collateral? To pledge assets as collateral (or Pledging) is the act of offering assets as collateral to secure loans. Assets pledged can be in the form of security holdings and act as assurance for recovering the borrowed amount...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is an Aleatory Contract? An aleatory contract is an agreement in which one of the parties, or both the parties reciprocally, are uncertain as to their obligation to perform. Basically, it is a contract that depends upon a chance occurrence. Examples of such...
