How is Term Contract defined in a legal contract?
- Term Contract means agreements devised by the key procurement officer for certain supplies, services, or information technology for a set duration, that all governmental bodies are required to procure during its life. All decisions to purchase from the vendor offering the lower price must be documented in detail adequate for external audit requirements. Seen in 54 SEC filings.
- Term Contract means an agreement that allows for the provision of an indefinite quantity of goods over a specific period. Seen in 15 SEC filings.
- Term Contract means an agreement that enables the buyer to place repeated orders for the delivery of goods over a defined length of time. Seen in 13 SEC filings.
- Term Contract means the agreement reached when the state accepts a bid to supply materials, equipment or contractual services at a fixed price for a specific timeframe. Seen in 12 SEC filings.
- Term Contract means a supply source is established for a specific period for a product or service. Seen in 11 SEC filings.
- Term Contract means a price arrangement in which a source of supply is established for a specific timeframe for agreed deliverables, usually characterized by an estimated or definite minimum quantity with the possibility of additional needs beyond the minimum, all at a pre-decided unit price. Seen in 11 SEC filings.
- Term Contract means an indefinite quantity contract whereby a contractor(s) agrees to furnish an item(s) during a prescribed period. The completion of that prescribed period or date concludes such contract. Seen in 11 SEC filings.
Which definition should you use?
🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
- Term Contract means a pre-agreed arrangement enabling procurement and supply of specified goods or services during a defined period.
Relevant Contract Types
Relevant Circumstances
- Regular purchase of office supplies
- Consistent outsourcing of cleaning or maintenance services
- Recurrent purchasing of factory parts for production
Relevant Sectors
Genie Definition 2
- Term Contract means a binding agreement permitting repeat purchases at a set unit price.
Relevant Contract Types
Relevant Circumstances
- Repetitive acquiring of software licenses
- Regular acquisition of marketing materials
Relevant Sectors
Genie Definition 3
- Term Contract means a fixed arrangement providing goods to [Organization] within a prescribed duration.
Relevant Contract Types
Relevant Circumstances
- Ongoing provision of raw materials for production
- Periodic delivery of food supplies to restaurants
Relevant Sectors
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Term Contract means a pre-agreed arrangement enabling procurement and supply of specified goods or services during a defined period
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