Business, Legal & Accounting Glossary
Also called a ‘speciality contract’. This meta of contract takes the form of a deed (see: Deed), and therefore imposes greater legal obligations on the signatories than a simple contract. For example, in most cases claims for Damages against a contract by deed can be entered up to 12 years from the date of coming into effect; this term is 6 years in the case of a simple Contract underhand. Contracts by deed have historically been authenticated using a seal; however, this has become something of a formality recently. In any event, many contractees don’t have private seals. In many cases, the fact that the contract is to be treated as a deed is indicated by the form of words of the contract. For example, the Law of property miscellaneous provisions act (1989) indicates that a contract will be treated as a deed if it is clear that that is the intent of the signatories. Land transfers should contain the phrase ‘signed as deed’.
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This glossary post was last updated: 5th April, 2020 | 9 Views.