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Glossary

Agreement
The act of agreeing or of coming to a mutual arrangement.

Amendment
Addition, deletion, or change to a legal document. All parties to the agreement must formally consent to an amendment by signing it. Only then does the amendment become an integral part of the document, binding on all parties to the original agreement.

Consent
To permit, approve, or agree; comply or yield.

Contract
An agreement between two or more parties for the doing or not doing of something specified.

Lien
The legal claim of one person upon the property of another person to secure the payment of a debt or the satisfaction of an obligation.

Party
A group of persons with common purposes or opinions who support one side of a dispute, question, debate, etc.

Severibility
A clause in a contract that allows for the terms of the contract to be independent of one another, so that if a term in the contract is deemed unenforceable by a court, the contract as a whole will not be deemed unenforceable. If there were no severability clause in a contract, a whole contract could be deemed unenforceable because of one unenforceable term.

Waiver
The voluntary action of a person or party that removes that person's or party's right or particular ability in an agreement. The waiver can either be in written form or some form of action. A waiver essentially removes a real or potential liability for the other party in the agreement.

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