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.