Constraints

The written terms that bind the action while it runs: what each party may do, must do, is forbidden to do, and how much they can be on the hook for. Not what the action is paired with, and not how you exit.

The written terms that bind the action while it runs: what each party may do, must do, is forbidden to do, and how much they can be on the hook for. Not what the action is paired with, and not how you exit.

Example

In the rental deal, you set the constraints: your liability is capped at your $60,000 stake, no new debt on the property without both signatures, and any repair over $5,000 needs written approval from both partners.