What does Closed Contract mean? Read on to discover the definition & meaning of the term Closed Contract - to help you better understand the language used in insurance policies.
Whose terms constitute the entire agreement between the contracting parties and no clause or provision can be changed or modified without mutual consent. An insurance contract, for example, is a closed contract whereas a construction contract may not be one. See also open contract.
We hope the you have a better understanding of the meaning of Closed Contract.