backup contract

backup contract

An offer to purchase that is accepted by the seller but is contingent on a prior contract failing to proceed to closing.

References in periodicals archive ?
By submitting a proposal, a proposer agrees to be the prime contractor if awarded the prime contract or if selected as a backup contractor, a proposer agrees to enter into a backup contract.
Storr was close to a backup contract with Vancouver but when that broke down, he revisited the Kings' offer.
The proposed contract of backup contract is two (2) years.
The second phase of the project is an outsourced storage and backup contract to support the entire VIPER production and disaster recovery environments.
By the end of the third quarter of this year, it will double its tableting capacity again when its completes qualification of a second tableting line at its existing contract manufacturer and obtains approval to ship product produced by a backup contract manufacturer.
In early October, the New York City Department of Environmental Protection awarded Chambers a 10-year backup contract for disposal of sludge.
To address this, Brunel has implemented EMC NetWorker(R) software to centrally and automatically backup contracts, correspondences and other transactions to Sun storage and tape.
The company reported more than $50 million in sales and wrote 125 backup contracts for one- and two-bedroom units at its VIP and Super Saturday event.