Terms Used In 48 CFR Part 3016 - Types of Contracts

• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Outer Continental Shelf: means all submerged lands lying seaward and outside the area of lands beneath navigable waters as defined in the Submerged Lands Act (sec. See 33 CFR 67.01-5
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• structures: as used in this part shall include all fixed structures, temporary or permanent, for which a Corps of Engineers' permit is issued. See 33 CFR 67.01-5