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7/24/2024Where Government Contracting StartsStand By Your Contract Learning what is within the four corners of your contract Jody King, Assistant Director, Alaska APEX Accelerator Kim Tripp, PCR,
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Ensure you have a thorough understanding of the terms and conditions outlined in the contract.
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Review any specific requirements or obligations that you must fulfill while standing by the contract.
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Stand by your contract refers to the obligation of a party to uphold the terms and conditions of an agreement or contract that they have entered into.
Individuals or entities that have a contractual obligation that requires formal documentation and reporting are typically required to file a stand by your contract.
To fill out a stand by your contract, one must provide the necessary information such as parties involved, terms of the contract, relevant dates, and signatures as required by the governing body overseeing the contract.
The purpose of stand by your contract is to ensure that all parties understand their obligations and responsibilities under the contract, thus reducing ambiguity and the potential for disputes.
The information that must be reported includes the names of the parties involved, the effective date of the contract, terms and conditions, payment terms, and any applicable rights and obligations.
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