requirement contract

requirement contract
A contract which calls for the one party to furnish all of the supply of a certain material required for the operation of the business of the other party for a prescribed time, and for the latter to purchase all of such required supply from the former. 28 Am J Rev ed Inj § 121. The essence of a requirements contract is that the amount of the commodity needed by the purchaser cannot be exactly defined at the beginning of the year and it is for this reason that a contract of this type which deals for future needs is entered into. William C. Atwater Co. v Terminal Coal Corporation (DC Mass) 32 F Supp 178.

Ballentine's law dictionary. . 1998.

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