contract system
The "contract system" is integral to modern business and legal practices, facilitating the management and enforcement of agreements.
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Definition
C1Business
(technical)A software solution designed to manage the lifecycle of agreements, including storage, drafting, eSignature, and analytics.
Example
- The company implemented a contract system to streamline its legal operations.
- Using a contract system can significantly reduce the time spent on contract management.
C2Law
(historical)A historical method where the labor of convicts was sold to contractors who supervised and provided materials for work within prisons.
Example
- The contract system in prisons was abolished due to concerns over inmate exploitation.
- During the 19th century, many prisons in the U.S. operated under the contract system.
B2Employment
(formal)A method of hiring workers for specific tasks or periods under formal agreements.
Example
- The company uses a contract system to hire temporary workers during peak seasons.
- Under the contract system, employees know their exact duties and compensation.
Similar
Terms that have similar or relatively close meanings to "contract system":