take or pay — USA The provision in a contract between a seller and a buyer or, in a project finance transaction between the project company and the offtaker, that creates an unconditional obligation on the part of the buyer or offtaker to pay for a product or… … Law dictionary
take-or-pay — USA The provision in a contract between a seller and a buyer or, in a project finance transaction between the project company and the offtaker, that creates an unconditional obligation on the part of the buyer or offtaker to pay for a product or… … Law dictionary
take or pay — noun a) A take or pay contract; a take or pay provision in a contract. b) A contractual obligation either to take delivery of contracted goods or services or to make a specified payment … Wiktionary
Take or Pay — A provision, written into a contract, whereby one party has the obligation of either taking delivery of goods or paying a specified amount. This is used in some contracts as a method to ensure that the transaction occurs. For example, a Banana… … Investment dictionary
take-or-pay — adjective Of a contractual obligation either to take delivery of contracted goods or services or to make a specified payment … Wiktionary
pay — pay1 [pā] vt. paid or [Obs.] (except in phrase PAY OUT, sense 2)Obs. payed, paying [ME paien, to pay, satisfy < OFr paier < L pacare, to pacify < pax,PEACE] 1. to give to (a person) what is due, as for goods received, services rendered,… … English World dictionary
obligation — A generic word, derived from the Latin substantive obligatio, having many, wide, and varied meanings, according to the context in which it is used. That which a person is bound to do or forbear; any duty imposed by law, promise, contract,… … Black's law dictionary
pay — pay1 /pay/, v., paid or (Obs. except for defs. 12, 24c) payed; paying; n., adj. v.t. 1. to settle (a debt, obligation, etc.), as by transferring money or goods, or by doing something: Please pay your bill. 2. to give over (a certain amount of… … Universalium
pay — I. /peɪ / (say pay) verb (paid, paying) –verb (t) 1. to discharge (a debt, obligation, etc.), as by giving or doing something. 2. to give (money, etc.) as in discharge of debt or obligation. 3. to satisfy the claims of (a person, etc.) as by… …
take — takable, takeable, adj. taker, n. /tayk/, v., took, taken, taking, n. v.t. 1. to get into one s hold or possession by voluntary action: to take a cigarette out of a box; to take a pen and begin to write. 2. to hold, grasp, or grip: to take a book … Universalium
Pay it forward — The expression pay it forward is used to describe the concept of third party beneficiary in which a creditor who offers the debtor the option of paying the debt forward by lending it to a third person instead of paying it back to the original… … Wikipedia
