Terms Used In 12 Guam Code Ann. § 10402

  • Contract: A legal written agreement that becomes binding when signed.
The awarded contract, which is subject to the provisions of this Act, may be awarded for periods of not less than five (5) years, with options to renew every five (5) years and not to exceed a total of twenty (20) years. The awarded contract, subject to the provisions of this Act, must contain performance reviews at least annually, and provisions for contract termination and penalty based upon such review.

SOURCE: Added by P.L. 29-023:1 (Oct. 24, 2007).