Examlex
Which of the following is not a true statement?
Holdback Money
Funds retained by a party in a contract to ensure obligations are met before making full payment.
Privity of Contract
The principle that a contract cannot confer rights or impose obligations arising under it on any person or agent except the parties to it.
Doctrine of Privity
A legal principle stating that contracts are binding only upon the parties signing them, and no third-party can enforce or be obligated by the contract.
Progress Payments
Payments made through the course of a project or contract based on the completion of specified stages of work.
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