Terms Used In Louisiana Revised Statutes > Title 38 > Chapter 10 > Part V - Regulations of Closed Specifications and Exclusive Distribution of Materials

• Contract: A legal written agreement that becomes binding when signed.
• contract: means any contract awarded by any public entity for the making of any public works or for the purchase of any materials or supplies. See Louisiana Revised Statutes 38:2211
• Contractor: means any person or other legal entity who enters into a public contract. See Louisiana Revised Statutes 38:2211
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Oversight: Committee review of the activities of a Federal agency or program.
• person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
• Public entity: means and includes the state of Louisiana, or any agency, board, commission, department, or public corporation of the state, created by the constitution or statute or pursuant thereto, or any political subdivision of the state, including but not limited to any political subdivision as defined in Article VI Section 44 of the Constitution of Louisiana, and any public housing authority, public school board, or any public officer whether or not an officer of a public corporation or political subdivision. See Louisiana Revised Statutes 38:2211
• Trustee: A person or institution holding and administering property in trust.