What is TAKE AND PAY CONTRACT?

A buyer/seller agreement where the buyer’s obligation to pay isn’t unconditional but depends on the delivery of goods purchased or upon the consent of the buyer to take delivery.

More On This Topic



Link to This Definition
Did you find this definition of TAKE AND PAY CONTRACT helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary