An in force contract is a legal agreement between two or more parties that is currently in effect and being carried out according to its terms. In other words, it is a contract that has not expired or been terminated and remains valid and binding.
An in force contract can arise from a variety of circumstances and can cover a broad range of subject matters. For example, it could be a lease agreement for a property, a service contract between a company and its clients, or an employment agreement between an employer and an employee.
When a contract is in force, it means that both parties are obligated to fulfill their respective obligations under the agreement. This includes making payments, delivering goods or services, and meeting any other requirements outlined in the contract.
If one party fails to fulfill their obligations under the contract, the other party may have legal recourse to seek damages or terminate the agreement. However, this is only possible if the contract includes provisions for remedies or termination in the event of a breach.
It is important to note that an in force contract can also be renewed or extended by mutual agreement between the parties. This can occur when both parties are satisfied with the terms of the original agreement and wish to continue their business relationship.
In summary, an in force contract is a legal agreement that is currently in effect and being carried out according to its terms. It is an important legal concept to understand when dealing with any type of contractual agreement, as it dictates the rights and obligations of both parties involved.