Contractual Commitment

Contractual commitment refers to the obligation of parties to a contract to fulfill the terms and conditions specified in the contract. When parties enter into a contract, they are legally bound to fulfill their respective obligations as specified in the agreement. This means that each party is committed to performing certain actions or providing certain goods or services within the agreed-upon timeframe and according to the agreed-upon terms.

Contractual commitment can take many forms, depending on the nature of the contract. For example, a business may have a contractual commitment to deliver a product by a certain date, while a service provider may have a contractual commitment to perform specific tasks or services within a specified time frame. The terms of the contract may also specify the consequences of failing to fulfill the contractual commitment, such as financial penalties or termination of the contract.

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