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Output Contract |
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In the law of sales, an agreement in which one party assents to sell his or her total production to another party, who agrees to purchase it. This type of contract does not entail an illusory promise, a purported agreement that actually means nothing because it leaves to one party the choice of performance or nonperformance, even if the quantity of goods that are the subject of the contract is indefinite. It is also known as an entire output contract, and it is subject to the Uniform Commercial Code, a body of law adopted by the states that governs commercial transactions. Cross-referencesoutput contract n. an agreement in which a producer agrees to sell its entire production to the buyer, who in turn agrees to purchase the entire output, whatever that is. Example: an almond grower has a "home" for his output, and the packer of nuts is happy to have a sure-fire supply, even though it may have to store away a glut. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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There are few opportunities in today's market to acquire power plants with a long-term output contract already in place," said David Eppler, Cleco's president and chief executive officer. Fitch IBCA will continue to monitor management's progress in funding the acquisition and negotiating output contracts. |
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