Settlement of Terms

Settlement of terms refers to the process where parties in a negotiation clarify and agree on the specific details of a contract or deal. This involves discussing and finalizing aspects such as price, delivery dates, and other key conditions. Once both parties reach mutual understanding and consent, these agreed-upon terms become part of the offer and acceptance stage. This ensures that everyone involved knows their rights and responsibilities, creating a clear foundation for the agreement. Effective settlement of terms helps prevent misunderstandings and disputes later on.