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Contract Terms
the specific provisions, conditions, and requirements laid out in a contract that define the obligations and rights of the parties involved.
Fair Market Value
The amount for which a property would be sold in an open market transaction, involving a ready seller and a ready buyer, both possessing adequate awareness of the pertinent details.
Recovery
The action of regaining possession or obtaining compensation for a loss.
Recognizance
A legal obligation, acknowledged before a court, where an individual promises to adhere to certain conditions without the need for posting bail.
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