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
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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.
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