requirements contract

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Definitions from WordNet

Noun requirements contract has 1 sense

requirements contract - a contract in which you agree to purchase all your requirements of a particular sort from one party
--₁ is a kind of contract

Definitions from the Web

Term: Requirements Contract

A requirements contract refers to an agreement between a buyer and a seller that stipulates the buyer's specific needs for goods or services over a certain period. This type of contract helps establish a long-term relationship based on the buyer's requirements rather than a set quantity or price.

Sample sentences:

The company entered into a requirements contract with its supplier to ensure a steady flow of raw materials.
Under the requirements contract, the customer was able to dictate the exact specifications for the software development project.
Our organization prefers requirements contracts as they allow for more flexibility and adaptability in meeting our changing needs.