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English definition of “evergreen contract”

evergreen contract

noun [C]     LAW
a legal agreement that will automatically start again unless one of the people or businesses involved officially ends it: He has committed to being music director through the 2010-11 season, after which he'll have what's called an evergreen contract, allowing year-by-year renewals.
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(Definition of evergreen contract noun from the Cambridge Business English Dictionary © Cambridge University Press)
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