English version

contract in Business basics topic

From Longman Dictionary of Contemporary Englishcontractcon‧tract1 /ˈkɒntrækt $ ˈkɑːn-/ ●●● S1 W1 AWL noun [countable]  1 BBAGREEan official agreement between two or more people, stating what each will docontractualcontract with/between Tyler has agreed a seven-year contract with a Hollywood studio.contract to do something a three-year contract to provide pay telephones at local restaurantson a contract/under contract The firm operates schools under contract to state education authorities. Employees who refuse to relocate are in breach of contract (=have done something not allowed by their contracts).2 subject to contract3 informalSCCKILL an agreement to kill a person for money They put a contract out on him and he’s in hiding.COLLOCATIONSverbshave a contractThe company had a contract to build a new hotel there.sign a contractHe signed a contract to become vice president of the football club.enter (into) a contractYou will enter a two-year training contract with your chosen employer.agree to a contract (also agree a contract British English)Keane was reported to have agreed a contract for a further three years.make a contractDid he know this when he made the contract?negotiate a contract (=agree the conditions of a contract with someone)Your lawyer will assist you in negotiating a contract.break a contract (=do something that your contract does not allow)She broke her contract and left the job after only six months.fulfil/honour a contract (=do what you have agreed to do)If you have signed a contract, you have to fulfil it.draw up a contract (=write one)The two sides drew up a contract.win/get a contractThey won a contract to supply 37 passenger trains to Regional Railways.give somebody a contractHe was given a new two-year contract in March.award a company a contract (=give them a contract)The state of Kentucky has awarded the firm a $10m contract.cancel/end/terminate a contractThe buyer has three days in which to cancel the contract.renew somebody’s contract (=give someone another contract when their old one ends)I hope they will renew my contract at the end of the year.adjectivesa one-year/two-year etc contractHe signed a five-year contract worth $2 million.a recording/building etc contractThe band was soon offered a recording contract with Columbia Records.a written contractAll employees should have a written contract.phrasesa contract of employment (also an employment contract)Make sure you fully understand your contract of employment.the terms of a contract (=the conditions that are part of the contract)He explained the terms of the contract.breach of contract (=an action that your contract does not allow)They are suing the building company for breach of contract.be in breach of contract (=have done something that your contract does not allow)
Examples from the Corpus
contractA new service could set up by gaining enough contracts with major customers of the old service to take over.Future contracts will cost more or less, depending on trends in tuition costs, Cantor said.His contract of employment contained a restraint of trade clause.My contract guarantees me a 15% pay raise every year.My contract says I have to work 35 hours per week.One of the largest new contracts is a £9 million deal with the City of Westminster to provide a school meals service.Two San Diego firms are major subcontractors vying for the ship contract.The company was prosecuted for breaking the contract.These individuals, known as locals, are vital for the liquidity of the markets in the contracts traded in the pits.Many EconoPage customers had several years left on their contracts.Union contracts often specifically protect workers who are physically able to work.Baltimore officials have confirmed that Olson will sign a two-year contract with the club.are in breach of contractAlthough employees who decide not to move may be in breach of contract, there is little that employers can do.For example, an employer is not in breach of contract for sacking some one because of his or her age.If it is withdrawn, then the advertiser is in breach of contract with any bidder who had come in response to the advertisement.No ballot was held, as was legally required if the action was in breach of contract.Ten o'clock dead or you're in breach of contract.put ... contract out onThe mob put a contract out on him.