Terms Used In 48 CFR Part 831 - Contract Cost Principles and Procedures

• Contract: A legal written agreement that becomes binding when signed.
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.