Obligation

A binding agreementAn exchange of promises, a mutual understanding or arrangement; a contract. that will result in outlays, immediately or in the future. BudgetA plan for saving and spending money. As a verb, it means to develop such a plan. resources must be available before obligations can be legally incurred.

Obligation

Legal reservationA right retained by a grantor in conveying property. of funds based on known requirements (a contractThe formal legal document, also known as the "policy" that describes the agreement between the policyholder, for example), or an a realistic estimateA preliminary opinion of value. Appraise, set a value. of costs.