Outsourcing vs. Contract

Outsourcingnoun

The transfer of a business function to an external service provider.

Outsourcing

Outsourcing is an agreement in which one company hires another company to be responsible for a planned or existing activity that is or could be done internally and sometimes involves transferring employees and assets from one firm to another. The term outsourcing, which came from the phrase outside resourcing, originated no later than 1981.

Contractnoun

An agreement between two or more parties, to perform a specific job or work order, often temporary or of fixed duration and usually governed by a written agreement.

Contractnoun

(legal) An agreement which the law will enforce in some way. A legally binding contract must contain at least one promise, i.e., a commitment or offer, by an offeror to and accepted by an offeree to do something in the future. A contract is thus executory rather than executed.

Contractnoun

(legal) A part of legal studies dealing with laws and jurisdiction related to contracts.

Contractnoun

(informal) An order, usually given to a hired assassin, to kill someone.

Contractnoun

(bridge) The declarer's undertaking to win the number of tricks bid with a stated suit as trump.

Contractadjective

(obsolete) Contracted; affianced; betrothed.

Contractadjective

(obsolete) Not abstract; concrete.

Contractverb

(ambitransitive) To draw together or nearer; to shorten, narrow, or lessen.

Contractverb

(grammar) To shorten by omitting a letter or letters or by reducing two or more vowels or syllables to one.

Contractverb

(transitive) To enter into a contract with. en

Contractverb

(transitive) To enter into, with mutual obligations; to make a bargain or covenant for.

Contractverb

(intransitive) To make an agreement or contract; to covenant; to agree; to bargain.

Contractverb

(transitive) To bring on; to incur; to acquire.

Contractverb

(transitive) To gain or acquire (an illness).

Contractverb

To draw together so as to wrinkle; to knit.

Contractverb

To betroth; to affiance.

Contractverb

To draw together or nearer; to reduce to a less compass; to shorten, narrow, or lessen; as, to contract one's sphere of action.

Contractverb

To draw together so as to wrinkle; to knit.

Contractverb

To bring on; to incur; to acquire; as, to contract a habit; to contract a debt; to contract a disease.

Contractverb

To enter into, with mutual obligations; to make a bargain or covenant for.

Contractverb

To betroth; to affiance.

Contractverb

To shorten by omitting a letter or letters or by reducing two or more vowels or syllables to one.

Contractverb

To be drawn together so as to be diminished in size or extent; to shrink; to be reduced in compass or in duration; as, iron contracts in cooling; a rope contracts when wet.

Contractverb

To make an agreement; to covenant; to agree; to bargain; as, to contract for carrying the mail.

Contractadjective

Contracted; as, a contract verb.

Contractadjective

Contracted; affianced; betrothed.

Contractnoun

The agreement of two or more persons, upon a sufficient consideration or cause, to do, or to abstain from doing, some act; an agreement in which a party undertakes to do, or not to do, a particular thing; a formal bargain; a compact; an interchange of legal rights.

Contractnoun

A formal writing which contains the agreement of parties, with the terms and conditions, and which serves as a proof of the obligation.

Contractnoun

The act of formally betrothing a man and woman.

Contractnoun

a binding agreement between two or more persons that is enforceable by law

Contractnoun

(contract bridge) the highest bid becomes the contract setting the number of tricks that the bidder must make

Contractnoun

a variety of bridge in which the bidder receives points toward game only for the number of tricks he bid

Contractverb

enter into a contractual arrangement

Contractverb

engage by written agreement;

Contractverb

squeeze or press together;

Contractverb

become smaller or draw together;

Contractverb

be stricken by an illness, fall victim to an illness;

Contractverb

make smaller;

Contractverb

compress or concentrate;

Contractverb

make or become more narrow or restricted;

Contractverb

reduce in scope while retaining essential elements;

Contract

A contract is a legally binding document between at least two parties that defines and governs the rights and duties of the parties to an agreement. A contract is legally enforceable because it meets the requirements and approval of the law.