The provision benefits future parties who may take over the contract.
limitation of liablity
The provision in a contract mandating that all disputes arising under the contract be settled by arbitration is called a binding arbitration clause.
contract is terminated
A contract provision that relieves a party to the contract from liability is known as
I declined the contract due to a certain provision. It may take all day to provision the boat.
Provision of services is like a contract that is made between two people or organizations.
Am looking for either (Permanent or contract) but still I will prefer Permanent if I have a choice.
Application
federal tax rate on modified endowment contracts
In any contract or agreement, there are conditions which must be met by all parties involved. Provisions are used in an agreement or contract to make sure that all parties are satisfied, thereby provisions are "actions provided" to ensure every party has recourse if not satisfied. A preliminary provision is action that could be, but is not required to be taken by any one or all parties of the contract before the contract is even signed, so that there is no misunderstandings going into the agreement or contract from the start.
You must have signed a contract when you rented the couch. If you check the language in the contract you may find that the rental company included a provision that if you failed to make payments then they could repossess the property.