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 ?
Price and terms would already have been agreed upon in that backup contract.
Contract award notice: R1 multiplex backup contract for issuers of tnt pilot sites
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.