CFR > Title 48 > Chapter 9 > Subchapter I > Part 970 > Subpart 970.17 – Special Contracting Methods
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Terms Used In CFR > Title 48 > Chapter 9 > Subchapter I > Part 970 > Subpart 970.17 - Special Contracting Methods
- Contract: A legal written agreement that becomes binding when signed.
- option: as used in this subpart means a unilateral right in the contract by which the Government can extend the term of the contract. See 48 CFR 970.1706-1
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.