What does output contract mean?
Definitions for output contract
out·put con·tract
This dictionary definitions page includes all the possible meanings, example usage and translations of the word output contract.
Princeton's WordNet
output contractnoun
a contract in which you promise to deliver your entire output to the other party who promises to accept it
Wikipedia
Output contract
An output contract is an agreement in which a producer agrees to sell his or her entire production to the buyer, who in turn agrees to purchase the entire output. Example: an almond grower enters into an output contract with an almond packer: thus the producer has a "home" for output of nuts, and the packer of nuts is happy to try the particular product. The converse of this situation is a requirements contract, under which a seller agrees to supply the buyer with as much of a good or service as the buyer wants, in exchange for the buyer's agreement not to buy that good or service elsewhere. Uniform Commercial Code comment section 2-306: A term which measures the quantity by the output of the seller or the requirements of the buyer, means such actual output or requirements that may occur in good faith. Good faith cessation of production terminates any further obligations thereunder and excuses further performance by the party discontinuing production. However, the cessation of production must be in light of bankruptcy or other similar situations. The yield of less profit from a sale than expected does not excuse further performance of an output contract. See Feld vs. Henry S. Levy & Sons, Inc. (New York, 1975) or Technical Assistance International, Inc. vs. United States (U.S. Court of Appeals, 1998).
ChatGPT
output contract
An output contract is a legally binding agreement between a buyer and a seller, where the seller agrees to sell, and the buyer agrees to buy, all of a specific good or service that the seller produces or can produce. This agreement often contains detailed conditions about the quality, delivery, and price of said output. This type of contract allows the buyer to secure a supply source, while the seller is ensured of a market for their output.
Wikidata
Output contract
An output contract is an agreement in which a producer agrees to sell his or her entire production to the buyer, who in turn agrees to purchase the entire output. Example: an almond grower enters into an output contract with an almond packer: thus the producer has a "home" for output of nuts, and the packer of nuts is happy to try the particular product. The converse of this situation is a requirements contract, under which a seller agrees to supply the buyer with as much of a good or service as the buyer wants, in exchange for the buyer's agreement not to buy that good or service elsewhere. Uniform Commercial Code comment section 2-306: A term which measures the quantity by the output of the seller or the requirements of the buyer, means such actual output or requirements that may occur in good faith. Good faith cessation of production terminates any further obligations thereunder and excuses further performance by the party discontinuing production. However, the cessation of production must be in light of bankruptcy or other similar situations. The yield of less profit from a sale than expected does not excuse further performance of an output contract. See Feld vs. Henry S. Levy & Sons, Inc. or Technical Assistance International, Inc. vs. United States.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of output contract in Chaldean Numerology is: 1
Pythagorean Numerology
The numerical value of output contract in Pythagorean Numerology is: 9
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"output contract." Definitions.net. STANDS4 LLC, 2024. Web. 28 Mar. 2024. <https://www.definitions.net/definition/output+contract>.
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