The situation in which a number of persons act collectively in the affairs of an undertaking, whether on the basis of a formal agreement or an informal understanding.
Commitment refers to a promise or pledge made by one entity to perform or refrain from performing a specific act, often involving legal obligations and enforceable terms.
The Effective Date refers to the specific date on which an agreement, policy, or offering formally goes into effect and becomes enforceable.
Expiration refers to the date on which a contract, agreement, license, magazine subscription, or similar arrangement ceases to be effective. In the context of financial options, it is the last day on which an option can be exercised.
A Memorandum of Understanding (MOU) is a formal, non-binding agreement between two or more parties outlining the terms and details of an understanding, including each party's requirements and responsibilities.
Novation refers to the cancellation of rights and obligations under one legal agreement and their replacement with new ones under another agreement. This process typically results in a change in the identity of one of the parties involved, such as in loan agreements.
