Onerous contract definition

Onerous contract means a contrat à titre onéreux—definition in article 1 of the Supply of Goods and Services (Jersey) Law 200945
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Onerous contract means a contrat à titre onéreux;
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Onerous contract a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it, as defined under International Accounting Standard 37;
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Examples of Onerous contract in a sentence

  • Onerous contract provisions for planned store or distribution centre closures as part of the Company’s rationalization activities are classified as restructuring provisions and are measured and recorded using the same methodology.

  • Onerous contract provisions for premises are subject to uncertainties over time, including market rent reviews and break options within the lease arrangements.

  • Onerous contract When the unavoidable cost for fulfillment of contractual obligations is expected to exceed the expected economic benefit from the contract, the present obligation deriving from the onerous contract is recognized as liability reserve.

  • Onerous contract loss recoginised immediately in profit or lossPresent value of estimated cash inflowsRisk adjustmentPresent value of estimated cash outflowsAn entity must group contracts that are onerous at initial recognition separately from contracts in the same portfolio that are not onerous at initial recognition (see section 4).

  • Onerous contract Pursuant to the Appliances business’ Global Manufacturing Strategy announced on 17 April 2008, provision has been made for the estimated unavoidable costs associated with exiting the operating lease for a building located at Huntington Beach, California.

  • Onerous contract provision: The provision represents the present value of the minimum future payments that the Corporation is obligated to make under the non-cancelable onerous contract.

  • Onerous contract Present obligations arising under onerous contracts are recognised and measured as provisions.

  • Onerous contract provisions are recognised when the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it.

  • It will coordinate all the implementation process, connecting the SWT with the IWG.

  • This amount is classified as an Onerous contract remeasurement in the profit or loss for the year ended 30 June 2012.

Related to Onerous contract

  • Building Contract means a contract entered under Transportation Code, Chapter 223, Subchapter A for the construction or maintenance of a Department building or appurtenant facilities and considered to be a Highway Improvement Contract as defined in Texas Administrative Code, § 9.11.

  • Project Document means any one of the foregoing;

  • Procurement Contract or “Contract” means any written agreement of the Authority for the acquisition of goods or services of any kind in the actual or estimated amount of $25,000, or more.

  • sub-contract means the primary contractor’s assigning, leasing, making out work to, or employing, another person to support such primary contractor in the execution of part of a project in terms of the contract;

  • Smart contract means an event-driven program, with state, that runs on a distributed, decentralized, shared, and replicated ledger and which can take custody over and instruct transfer of assets on that ledger.

  • Service Contract means, with respect to a Financed Vehicle, the agreement, if any, financed under the related Receivable that provides for the repair of such Financed Vehicle.

  • CFD Contract or "CFD" shall mean a contract which is a contract for difference by reference to fluctuations in the price of the relevant security or index;

  • EPC Contract means the Seller’s engineering, procurement and construction contract with the EPC Contractor.

  • Customer Contracts has the meaning set forth in Section 1.1(b)(ii)(A).

  • Term contract means contracts established by the chief procurement officer for specific supplies, services, or information technology for a specified time and for which it is mandatory that all governmental bodies procure their requirements during its term. As provided in the solicitation, if a public procurement unit is offered the same supplies, services, or information technology at a price that is at least ten percent less than the term contract price, it may purchase from the vendor offering the lower price after first offering the vendor holding the term contract the option to meet the lower price. The solicitation used to establish the term contract must specify contract terms applicable to a purchase from the vendor offering the lower price. If the vendor holding the term contract meets the lower price, then the governmental body shall purchase from the contract vendor. All decisions to purchase from the vendor offering the lower price must be documented by the procurement officer in sufficient detail to satisfy the requirements of an external audit. A term contract may be a multi‑term contract as provided in Section 11‑35‑2030.

  • Construction Contract or “contract” means a written agreement between a contractor and a public agency for the construction, alteration, demolition, or repair of a facility, other than a contract having a dollar value of less than $30,000.00 or a contract that provides for 3 or fewer payments.

  • Concession Contract means a contract for pecuniary interest concluded in writing between one or more economic operators and one or more contracting authorities within the meaning of Articles 168 and 172, in order to entrust the execution of works or the provision and management of services to an economic operator (the ‘concession’). The remuneration shall consist either solely in the right to exploit the works or services or in that right together with payment. The award of a concession contract shall involve the transfer to the concessionaire of an operating risk in exploiting those works or services encompassing demand risk or supply risk, or both. The concessionaire shall be deemed to assume an operating risk where, under normal operating conditions, there is no guarantee of recouping the investments made or the costs incurred in operating the works or the services at stake;

  • public works contract means any agreement between any individual, firm or corporation and the State or any political subdivision of the State other than a municipality for construction, rehabilitation, conversion, extension, demolition or repair of a public building, highway or other changes or improvements in real property, or which is financed in whole or in part by the State, including, but not limited to, matching expenditures, grants, loans, insurance or guarantees.

  • Client Contract means a futures or option contract between us and you, which is matched by an identical Contract;

  • Prime Contract means the contract between LOCKHEED MARTIN and the U.S. Government or between LOCKHEED MARTIN and its higher-tier contractor who has a contract with the U.S. Government.

  • Group contract means a contract for health care services which by its terms limits eligibility to members of a specified group. The group contract may include coverage for dependents.