contract

Definitions (2)

1. A binding agreement between two or more parties for performing, or refraining from performing, some specified act(s) in exchange for lawful consideration.

Use contract in a sentence

You should always make people sign a legal and binding contract when you have not done business with them before.

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We each had to sign a contract protecting our existing assets from any problems the business might have in the future.

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If you plan to enter into a business negotiation with another person or company, to protect yourself, you need to have a contract which explains all of the legal obligations involved.

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flexible exchange option (FLEX) take-or-pay contract