An understanding between two or
more parties in which they state a common
understanding and intention regarding past or
future intentions or facts, sometimes with a
view to altering performance, rights, and
obligations. When the additional elements of
a contract are satisfied, e.g., mutual
obligation (consideration), capacity,
definiteness, and legal purpose, contracts
may be formed. The terms “agreement” and
“contracts” are sometimes used
interchangeably. (An agreement, however,
may not be legally enforceable unless it
contains all of the elements of a legal
contract, so the terms are not truly
synonymous.) See also: As to Form.
1. Freight transported by air.
2. The rate charged for air transportation.
Air Freight Forwarder
An indirect air carrier that
is responsible for the transport of property
from the point of receipt to the point of
destination, using for the whole or any part of
such transportation the services of a direct air
carrier or its agent, or of another air freight
forwarder. (U.S. FAR 2005)
Documented proof between the
shipper and the carrier of the contract of
A corporation organized and
registered according to the laws of another
country but with operations in the domestic
country. Contrast with "Foreign Corporation."
All-Or-Nothing Bid (All or None)
A bid submitted
for several different items, services, etc., in
which the bidder states they will not accept a
partial award, but will accept an award for all
items, services, etc. included in the Invitation
for Bids. Because the bidder has qualified
their bid, it may be deemed non-responsive.
A cost that is specifically related
to the contract and can be assigned or
charged as an item of cost in accordance with
the terms of the contract and applicable laws
1. The action or process of sharing or
2. The amount of a resource assigned to a
particular category or recipient.
To divide an appropriation into amounts
that may be encumbered or expended during
an allotment period.