L

See Limitation of Liability: The right of a person founded in contract or statute to limit that person’s liability to another person for a defined cause of action to either a specified or maximum amount.

The person under a Lease who is granted the right by the Lessor to occupy the whole or any part of a premises for residential or commercial purposes. Also known as Tenant.

The person under a Lease who grants to the Lessee the right to occupy the whole or any part of a premises for residential or commercial purposes. Also known as Landlord.

Written correspondence from one party to another that provides non-contractual assurance of a particular fact or legal obligation or that the first named party intends to act or refrain from acting in a certain way in the future.

A pre contractual letter from a prospective Principal notifying a prospective Contractor (Tenderer) that it intends to award a contract to that prospective Contractor. An issue that may arise is whether the Principal is bound by such a letter to proceed with the contract or pay the Contractor for any work it does in reliance on the letter.

A written document that permits the named person(s) to do an act or thing which, without that licence, would otherwise be unlawful, eg. a licence to enter land or use intellectual property.

The right to take an interest in the property of another as security for the performance of an obligation (such as the payment of a debt) by the other person.

The right of a person founded in contract or statute to limit that person's liability to another person for a defined cause of action to either a specified or maximum amount.

A set period of time prescribed in contract or statute during which an action may be commenced in court beginning on the date when the cause of action arose.

A contractual mechanism that allows a party to claim monetary compensation for loss that occurs as a result of the other party's failure to deliver goods or services under the Contract on time.  The quantum of liquidated damages under a Contract represent a sum fixed by (or ascertainable to) the parties as a genuine pre-estimate of a party's loss in the event of the other party's breach.