Saturday 22 September 2012

Glossary Of Small Business Terms part 11


guarantor of a note if the primary borrower fails to pay as agreed and (2) the liability that would be incurred if a pending lawsuit is resolved in the other party's favor.

CONTRACT A mutually binding legal relationship obligating the seller to furnish supplies or services (including construction) and the buyer to pay for them.

CONTRACT ASSISTANCE FOR WOMEN BUSINESS OWNERS CAWBO The Office of Federal Contract Assistance for Women Business Owners (CAWBO) was established October 1, 2000, in the Office of Government Contracting at the U.S. Small Business Administration. The purpose of the office is to increase federal contracting opportunities for women-owned small business (WOSB) and to increase the number of WOSBs that successfully compete in the federal marketplace.

CONTRACTING Purchasing, renting, leasing, or otherwise obtaining supplies or services from nonfederal sources. Contracting includes the description of supplies and services required, the selection and solicitation of sources, the preparation and award of contracts, and all phases of contract administration. It does not include grants or cooperative agreements.

CONTRACTING OFFICER A person with the authority to enter into, administer, and/or terminate contracts and make related determinations and findings.

CONTRACTOR TEAM ARRANGEMENT An arrangement in which (a) two or more companies form a partnership or joint venture to act as potential prime contractor; or (b) an agreement by a potential prime contractor with one or more other companies to have them act as its subcontractors under a specified government contract or acquisition program.

COPYRIGHT The legal right granted to authors, composers, artists and publishers to protect their thoughts and ideas for exclusive publication, reproduction, sale and distribution of their works. Some of the material on SBA's web site is copyrighted and it will be so stated in the document. If it is not copyrighted we prefer that you link to our information rather than taking it and posting it on your site. Our information changes hourly and daily.

CORPORATION A group of persons granted a state charter legally recognizing them as a separate entity having its own rights, privileges, and liabilities distinct from those of its members. The process of incorporating should be completed with the state's secretary of state or state corporate counsel and usually requires the services of an attorney.

COSTS Money obligated for goods and services received during a given period of time, regardless of when ordered or whether paid for.

COVENANT A prescription for action in a loan document.



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