What are 'contractual rights'?

Contractual rights refer to the legal entitlements that arise specifically from the terms outlined in a contract. These rights empower the parties involved in a contract to claim benefits, enforce obligations, or seek remedies in case of a breach. Understanding these rights is crucial for ensuring that all parties know their entitlements and responsibilities and can act accordingly.

For example, if a contract stipulates that one party must deliver goods by a certain date, the other party has the contractual right to receive those goods as specified. If the delivery is not made as agreed, the aggrieved party can invoke their rights to seek compensation or enforce the contract as permitted.

In contrast, obligations pertain to what each party must do under the contract, responsibilities in negotiation focus on the roles and duties of parties involved in the discussion phase, and guidelines for dispute resolution deal with processes to resolve any conflicts arising from the contract. While these elements are essential in contract management, they do not capture the essence of what contractual rights are.