What is an executed contract?

An executed contract is a legally binding agreement between two or more parties that has been fully performed as per the agreed terms and conditions. This means that all parties involved have fulfilled their obligations under the contract and their respective duties and responsibilities. The contract is considered fully executed once the final conditions have been met, such as payment or delivery of goods or services.

An executed contract is typically in written form and contains specific provisions that outline the terms and conditions of the agreement. These might include items such as the scope of work, payment terms, deadlines, warranties, and other legal protections for each party involved. A binding executed contract is enforceable by law, and if one party fails to fulfill their obligations according to the contract terms, the other party can take legal action.

In summary, an executed contract is a legal agreement between two or more parties that has been completed and fulfilled, and both parties have met all their obligations under the terms of the contract.