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.

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Related Legal Terms
TAKE OR PAY CONTRACT, FUTURES CONTRACT, CALL CONTRACT, CONSENSUAL CONTRACT, CONTRACT OF SALE, DEPENDENT CONTRACT, ALEATORY CONTRACT, CONTRACT PURCHASE, FORWARD SUPPLY CONTRACT, OPEN CONTRACT


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