take-or-pay

take-or-pay
take-or-pay ˌtake-or-ˈpay adjective [only before a noun] COMMERCE
a take-or-pay agreement is one in which a customer agrees to buy a particular quantity of goods at a particular price over a particular period of time. If the customer does not buy the goods as agreed, they must still pay the seller:

• Under take-or-pay contracts, utilities agree to pay for amounts of gas regardless of their ability to accept delivery.

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take-or-pay UK US adjective [before noun]
► COMMERCE used to describe an agreement to buy something, especially gas and oil, in which the buyer must pay a charge even if they later decide they do not want it: »

The company is locked into 'take-or-pay' deals with North Sea producers.

 »

They have renegotiated a lot of the take-or-pay contracts.


Financial and business terms. 2012.

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Look at other dictionaries:

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