In the world of business, contracts are an essential part of any transaction. A contract serves as a legal agreement between two or more parties, outlining the terms and conditions of their agreement. When a contract has been fully executed, it means that all parties involved have fulfilled their obligations and the agreement has been completed.
In Urdu, the term for executed contract is “منظور شدہ عقد”. This term refers to a contract that has been signed, sealed, and delivered by all parties involved. It signifies that the terms of the agreement have been fulfilled, and the contract is now legally binding.
An executed contract can take many forms, such as a sales contract, employment contract, or a lease agreement. It is crucial that all parties involved carefully read and understand the terms of the contract before signing it. Once the contract has been executed, it is difficult to make changes without the agreement of all parties involved.
For example, let`s say you are a business owner in Pakistan and you want to rent a commercial space for your office. You find a landlord willing to lease their property to you, and you both agree to the terms of the lease agreement. The lease agreement outlines the rent amount, the duration of the lease, and any other conditions that both parties must fulfill.
Once both parties have signed the lease agreement, it becomes an executed contract. The landlord is now legally obligated to provide the space for the duration of the lease, and you are legally obligated to pay the agreed rent amount on time. If one party fails to fulfill their obligations under the contract, the other party has the right to take legal action to enforce the terms of the agreement.
In conclusion, an executed contract in Urdu is a legally binding agreement that has been signed, sealed, and delivered by all parties involved. It is important to carefully read and understand the terms of any contract before signing it, as once it has been executed, it is difficult to make changes. By understanding the meaning of executed contracts, individuals and businesses can protect themselves and ensure that their agreements are legally enforceable.