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Take-and-Pay Contract |
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Take-and-pay contract An agreement that obligates the purchaser to take any product that is offered (and pay the cash purchase price) and pay a specified amount if the product is not taken. Take-and-Pay Contract A contract of sale in which the buyer becomes legally obligated to pay for the goods or services purchased in the contract upon delivery or upon the buyer's agreement to take delivery. The buyer incurs a penalty if he/she does not pay for the goods or services at the time. It contrasts with a take-or-pay contract. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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