A contract rate refers to the interest rate that is specified on a particular contract and it is sometimes referred to as the coupon rate, stated rate, or nominal rate.
A contract can be defined as a legally binding and enforceable agreement between two or more parties (group of people), which gives rise to a mutual legal obligation to do business together.
In Business management, there are different types of contract and these includes:
In contract management, the interest rate that is specified on a particular contract is called a contract rate and it is sometimes referred to as the coupon rate, stated rate, or nominal rate.
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