separated contract vs split contract

Both 'separated contract' and 'split contract' are correct phrases, but they are used in different contexts. 'Separated contract' implies that the contract has been divided into distinct parts or sections, while 'split contract' suggests that the contract has been divided between multiple parties or entities. Therefore, the choice between the two depends on the specific meaning you want to convey.

Last updated: March 31, 2024 • 576 views

separated contract

This phrase is correct and commonly used in legal contexts to refer to a contract that has been divided into distinct parts or sections.

Use 'separated contract' when referring to a contract that has been divided into separate parts or sections for clarity or organizational purposes.

Examples:

The separated contract consists of three main sections: payment terms, deliverables, and termination clauses.

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If an embedded derivative is separated, the host contract shall be accounted for in accordance with the appropriate Standards.
Such designation may be used whether paragraph 11 requires the embedded derivatives to be separated from the host contract or prohibits such separation.
The carrying amounts of the embedded derivatives separated from these host contracts, in accordance with the relevant accounting framework, shall be reported in templates 10 and 11.
for contracts for the supply of additional goods and services or for ancillary building works which, technically, cannot be separated from their main contract.
An entity shall assess whether an embedded derivative is required to be separated from the host contract and accounted for as a derivative when the entity first becomes a party to the contract.
- when such additional works or services cannot be technically or economically separated from the original contract without major inconvenience to the contracting authorities,
assessment of whether an embedded derivative should be separated from the host contract in accordance with IAS 39 (which is a matter of classification as this IFRS uses that term).
An embedded option-based derivative (such as an embedded put, call, cap, floor or swaption) is separated from its host contract on the basis of the stated terms of the option feature.
IAS 39 requires an entity, when it first becomes a party to a contract, to assess whether any embedded derivatives contained in the contract are required to be separated from the host contract and accounted for as derivatives under the Standard.
Derivatives included in hybrid instruments which have been separated from the host contract shall be reported in templates 10 and 11 according to the nature of the amount of the host contract is not included in these templates.
If an embedded derivative is separated, the host contract shall be accounted for under this Standard if it is a financial instrument, and in accordance with other appropriate Standards if it is not a financial instrument.
An embedded non-option derivative (such as an embedded forward or swap) is separated from its host contract on the basis of its stated or implied substantive terms, so as to result in it having a fair value of zero at initial recognition.
An embedded derivative shall be separated from the host contract and accounted for as a derivative under this Standard if, and only if:
This applies when the relevant procurements cannot, for objective reasons, be separated and awarded through separate contracts.
The other rows include the carrying amount of the host contracts that have been separated from the embedded derivatives according to the relevant accounting framework.
On the severability of the basic and additional services, Corsica Ferries considers it to be quite clear that the public service delegation contract itself, and its implementation, mean that these activities can be separated.
If the resulting transfer of insurance risk is significant, the embedded derivative meets the definition of an insurance contract, in which case it need not be separated and measured at fair value (see paragraph 7 of this IFRS).
Similarly, if an entity is unable to measure separately the embedded derivative that would have to be separated on reclassification of a hybrid (combined) contract out of the fair value through profit or loss category, that reclassification is prohibited.
is separable, i.e. is capable of being separated or divided from the entity and sold, transferred, licensed, rented or exchanged, either individually or together with a related contract, asset or liability; or
If a hybrid contract contains a host that is not an asset within the scope of this Standard, an embedded derivative shall be separated from the host and accounted for as a derivative under this Standard if, and only if:

Alternatives:

divided contract
segmented contract
partitioned contract
categorized contract
sectioned contract

split contract

This phrase is correct and commonly used to refer to a contract that has been divided between multiple parties or entities.

Use 'split contract' when referring to a contract that has been divided among different parties or entities, each responsible for a portion of the contract.

Examples:

The split contract assigns rights and obligations to both the buyer and the seller.

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Competent authorities should not be permitted to split up contracts or networks in order to avoid tendering.
The estimated value of a contract may not be determined with a view to evading the requirements laid down in these Provisions, nor may a contract be split up for that purpose.
Lines of business 'Index-linked and unit-linked insurance', 'Other life insurance' and 'Health insurance' are split between 'Contracts without options and guarantees' and 'Contracts with options or guarantees'.
In cases where the services covered by points 1 and 2 are split up into several contracts, it is the total cost of the services that must be taken into consideration in application of this Article.
Number of contracts awarded (where an award has been split between more than one supplier).
Contracts may not be split with the purpose of restricting the choice of eligible costs by the bidder.
The procurement has been split into six main work packages, with detailed rules regarding prime contractors and other entities and the percentage of contracts to be awarded to SMEs.
Infrastructure contracts will be split into six main packages (system engineering support, ground mission infrastructure completion, ground control infrastructure completion, satellites, launchers and operations) and additional work packages.
However, an insurer is permitted, but not required, to use an expanded presentation that splits the fair value of acquired insurance contracts into two components:
When this ventricle contracts, the blood inside this large blood vessel, bent to the left like the handle of a cane, starts moving inside this blood vessel called the aorta, and it splits into two branches a bit above the heart.
Infrastructure contracts will be split into six main packages (system engineering support, ground mission infrastructure completion, ground control infrastructure completion, satellites, launchers and operations) and additional work packages.
a financial correction is being applied for a breach of EU legislation which has not, however, taken place, since the subject-matter of the contracts has not been unlawfully split up.
the insurance or reinsurance obligations of an insurance or reinsurance contract are not split into different parts when composing the portfolio of insurance or reinsurance obligations for the purpose of this paragraph.

Alternatives:

shared contract
divided contract
joint contract
collaborative contract
cooperative contract

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separated contract vs split contract