What is contractually obligated revenue?
-Contractually Obligated Income: A revenue stream that a team receives under a multi-year contract. These revenue sources may serve as collateral for a loan.
What does contractually obligated mean?
a contractual obligation: something that must be done according to a legal agreement. noun.
What is contractually bound?
according to what is written in a contract (= legal document): They are contractually bound/obliged to finish the work.
What are examples of contractually obligated income?
Contractually obligated income, which include revenue from naming rights, sponsorships, suite licenses, Nets minimum rent and food concession agreements, accounts for 72% of total forecasted revenues for the arena.
What contractually mean?
How do I get out of a legally binding contract?
The most common way to terminate a contract, it’s just to negotiate the termination. You know, if you want to get out of a contract, you just contact the other party involved and you negotiate an end date to that contract. You may have to pay a fee for cancellation.
Are obligations to make payments?
Payment, the performance of an obligation to pay money. A person under such an obligation is called a debtor, and a person to whom the obligation is owed is called a creditor. The obligation may arise in various ways, but it is most commonly the result of a commercial transaction or contract between the parties.
How do obligations work?
Understanding Obligation Financial obligations represent any outstanding debts or regular payments that a party must make. For example, if you owe or will owe money to anybody, that is one of your financial obligations. Almost any form of payment or financial security represents a financial obligation.
Is contractualization legal in the Philippines?
Contractualization is a form of short employment popular in the Philippines. The practice has been in existence since 1974. Overall, this employment contract has been termed illegal by labor groups and other bodies protecting workers because it exploits them.
What are the benefits of a contractual employee?
What are the rights of a contractual worker?
- Safe and healthful working conditions.
- Service incentive leave, rest days, overtime pay, holiday pay, 13th month pay, and separation pay.
- Retirement benefits under the SSS or retirement plans of the contractor, if there is any.
- Social security and welfare benefits.
How do you avoid loopholes in contracts?
Avoid payment loopholes, such as:
- No payment breakdown: Avoid going for a lump sum payment to the extent possible.
- No specific dates: There should be a clear indication of dates.
- No repercussions: Clearly lay out the consequences for failure to perform.
