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substantial performance

   Also found in: Wikipedia 0.02 sec.

substantial performance n. in the law of contracts, fulfillment of the obligations agreed to in a contract, with only slight variances from the exact terms and/or unimportant omissions or minor defects. A simple test is whether the omission, variance, or defect can be easily compensated for with money. Examples: a) the contract is for supplying 144 pumps for $14,400, and only 140 were delivered; b) the real property was supposed to be 80 acres and only contained 78 acres. This constitutes substantial performance unless the loss of two acres is crucial to the value of the property (e.g. reduced the number of lots able to be subdivided); c) the product was to be delivered on October 25 and did not arrive until November 5. This constitutes substantial performance unless the product was required for a Halloween sale. (See: contract, specific performance)



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Today, banks and credit unions are urgently looking for substantial performance improvements--not just cost cuts but to really unify and optimize their entire enterprise," said Raju Shivdasani, president of Harland Financial Solutions in Lake Mary, Fla.
They found that the mathematical computation resulted in quicker design of schedules and also predictions of substantial performance improvements.
Seriously though, former Bond girl Rosamund Pike and Queer as Folk star Aiden Gillen turn in substantial performances (and Cooper does that thing where he tries to stop his eyebrows flying off his face) as their characters become caught up in the maelstrom caused by the collapse of the mortgage market.
 
 
 
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