completed contract
[/kəmˈpliːtəd ˈkɒntrækt/]
nounpl: completed contracts
contrato completado
1. A contract in which all parties have fully performed their obligations and the agreement has been fully executed
The completed contract showed that all deliverables were met on schedule.
O contrato completado mostrou que todos os produtos entregáveis foram atendidos conforme o cronograma.
2. In accounting, a method of recognizing revenue when a contract is fully finished and all work is done
Under the completed contract method, revenue is recognized only after the project is finished.
Sob o método de contrato completado, a receita é reconhecida apenas após o projeto estar finalizado.
3. A legal agreement where all terms have been satisfied and performance is concluded
Once the completed contract was filed, both parties were released from further obligations.
Uma vez que o contrato completado foi arquivado, ambas as partes foram liberadas de outras obrigações.
In Brazilian business culture, the concept of 'completed contract' is essential in construction, international commerce, and accounting practices. The term is frequently used in technical documentation, financial statements, and legal proceedings. In the USA, it holds particular significance in construction industry and accounting standards (GAAP/ASC 606). Both cultures emphasize the importance of proper documentation and formal notification when a contract reaches completion status.
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