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.

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.

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