Commitment means that a person or organization commits to perform a certain action or achieve a certain result. These commitments are usually expressed in a written or oral contract and mean that the party has an obligation to fulfill the promised action. Commitments can be in a wide range, for example financial commitments (debt payments, investment commitments), legal commitments (contracts, agreements), social commitments (social responsibility projects), and many more.
Failure to fulfill the commitments may result in conflicts between the parties, legal problems and loss of reputation. Therefore, it is important that commitments are carefully considered and fulfilled. The rights and obligations of the parties should be clearly defined when making a contract or commitment.
