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When Reviewing Health Information Systems Contracts, the Standard Terms and Conditions

question 29

True/False

When reviewing health information systems contracts, the standard terms and conditions are not commonly revised in order to satisfy the requirements of both parties.


Definitions:

Redeem

To recover possession of something by paying a specified amount, or to fulfill a promise or obligation.

Default

Failure to fulfill an obligation, especially failure to meet a financial commitment or appear in a court of law.

Prepayment Penalty Clause

A provision in a contract that imposes a penalty on a borrower for paying off a loan before its maturity date.

Mortgage Loan

A mortgage is a loan that is secured by tangible real estate property, evidenced through a mortgage note that demonstrates both the loan's existence and the property's lien.

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