take-or-pay Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

Meaning of “take-or-pay” in the 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 ​chargeeven 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)
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