Meaning of “take-or-pay” in the English Dictionary

business-english dictionary

"take-or-pay" in Business English

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take-or-payadjective [ before noun ]

uk us

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” from the Cambridge Business English Dictionary © Cambridge University Press)