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English definition of “take-or-pay”

take-or-pay

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.
(Definition of take-or-pay adjective from the Cambridge Business English Dictionary © Cambridge University Press)
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