A formal writing style is not necessarily âbetterâ than an informal style, rather each style serves a different purpose and care should be taken in choosing which style to use in each case.
insured contract. A term used to specify the limit of contractual liability coverage. This term can refer to lease agreements, easement agreements, and any other agreement that relates to the insured's business.
A contract is an agreement between two or more parties to perform a service, provide a product or commit to an act, and is enforceable by law. There are several types of contracts, and each have specific terms and conditions.