Terms Used In 45 CFR Part 94 - Responsible Prospective Contractors

• Contract: A legal written agreement that becomes binding when signed.
• Dependent: A person dependent for support upon another.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Statute: A law passed by a legislature.