Definition
Contract is the legally binding agreement between two or more parties defining their obligations. Founders reach for it when a vague conversation needs a shared, specific meaning. Name it clearly, then let the next decision — a hire, a price, a test, or a pass — follow from that meaning.
In the room
How the word shows up in a real conversation.
A mentor asks, “What is your Contract?” The useful answer is concrete: legally binding agreement between two or more parties defining their obligations. A slide title is not an answer.
Common mistake
Using Contract as a label instead of a fact. If you cannot point to the evidence — a number, a customer, or a written assumption — you are using the word as jargon.
See also
Contract manufacturing
Outsourcing production to third-party manufacturers under contract.
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Contingent worker
Employee hired on a temporary or project basis without permanent status.
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Continuous improvement
Ongoing effort to enhance products, services, or processes incrementally.
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Contractual joint venture
Business partnership based on a contract rather than shared ownership.
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