An output contract is a type of agreement between a supplier and a buyer where the supplier agrees to provide all of the goods or services that the buyer requires or demands within a specified period. In such contracts, the buyer agrees to purchase the entire output or production of the supplier. Output contracts are commonly used in industries where production levels may fluctuate, such as agriculture or manufacturing, and they provide stability and assurance for both parties involved. These contracts often include terms regarding pricing, delivery schedules, quality standards, and termination clauses. Output contracts are legally binding agreements and are subject to the same principles of contract law as other types of agreements.
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This glossary post was last updated: 29th March, 2024.
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