service contract Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

Meaning of “service contract” in the English Dictionary

"service contract" in Business English

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service contractnoun [C]

uk   us  
HR a ​formalagreement between a ​company and an ​employee in a high ​position about their ​pay and conditions of ​employment (= ​rules under which they are ​employed): The ​company has ​reducedservicecontracts for its ​executivedirectors to one year's ​notice. She was on a two-year ​servicecontract.
COMMERCE an ​agreement between a ​company and a ​customer, ​stating that the ​company will ​check and ​repairequipment for an ​agreedprice during a ​fixedperiod of ​time: Make sure you don't ​pay too much for an ​extendedwarranty or ​servicecontract.
COMMERCE an ​agreement with a ​mobilephonecompany in which the ​customerpays a ​fixedamount each month: New ​customers can ​terminate a ​servicecontract within the first three days without being ​charged.
(Definition of service contract from the Cambridge Business English Dictionary © Cambridge University Press)
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“service contract” in Business English

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