Definition, Meaning & Synonyms
formal-agreement
noun
/ˈfɔːrməl əˈɡriːmənt/
Definition
A formal agreement is a binding contract that is documented and agreed upon by all parties involved.
Examples
- Before starting the project, we signed a formal agreement to ensure both parties understood their responsibilities.
- The formal agreement between the two companies included specific clauses regarding confidentiality and non-disclosure.
Meaning
It signifies that the terms and conditions have been clearly outlined and accepted, establishing a legal obligation between the parties.
Synonyms
- contract
- agreement
- pact
- arrangement
