What does requirements contract mean?
Definitions for requirements contract
re·quire·ments con·tract
This dictionary definitions page includes all the possible meanings, example usage and translations of the word requirements contract.
Princeton's WordNet
requirements contractnoun
a contract in which you agree to purchase all your requirements of a particular sort from one party
Wiktionary
requirements contractnoun
An agreement in which in which one party agrees to supply as much of a good or service as is required by the other party, and in exchange the other party expressly or implicitly promises that it will obtain its goods or services exclusively from the first party.
Wikipedia
Requirements contract
A requirements contract is a contract in which one party agrees to supply as much of a good or service as is required by the other party, and in exchange the other party expressly or implicitly promises that it will obtain its goods or services exclusively from the first party. For example, a grocery store might enter into a contract with the farmer who grows oranges under which the farmer would supply the grocery store with as many oranges as the store could sell. The farmer could sue for breach of contract if the store were thereafter to purchase oranges for this purpose from any other party. The converse of this situation is an output contract, in which one buyer agrees to purchase however much of a good or service the seller is able to produce.
ChatGPT
requirements contract
A requirements contract is a legal agreement in which one party, typically a buyer, agrees to purchase all of a particular type of good or service from a seller throughout a specified timeframe. In return, the seller is obligated to provide the agreed-upon goods or services as needed by the buyer. The actual quantity is not fixed in the contract and is determined by the buyer's requirements or needs.
Wikidata
Requirements contract
A requirements contract is a contract in which one party agrees to supply as much of a good or service as is required by the other party, and in exchange the other party expressly or implicitly promises that it will obtain its goods or services exclusively from the first party. For example, a grocery store might enter into a contract with the farmer who grows oranges under which the farmer would supply the grocery store with as many oranges as the store could sell. The farmer could sue for breach of contract if the store were thereafter to purchase oranges for this purpose from any other party. The converse of this situation is an output contract, in which one buyer agrees to purchase however much of a good or service the seller is able to produce.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of requirements contract in Chaldean Numerology is: 9
Pythagorean Numerology
The numerical value of requirements contract in Pythagorean Numerology is: 6
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"requirements contract." Definitions.net. STANDS4 LLC, 2024. Web. 19 Apr. 2024. <https://www.definitions.net/definition/requirements+contract>.
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