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English definition of “service contract”

service contract

noun [C]
 
 
HR a formal agreement 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 reduced service contracts for its executive directors to one year's notice. She was on a two-year service contract.
COMMERCE an agreement between a company and a customer, stating that the company will check and repair equipment for an agreed price during a fixed period of time: Make sure you don't pay too much for an extended warranty or service contract.
COMMERCE an agreement with a mobile phone company in which the customer pays a fixed amount each month: New customers can terminate a service contract 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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