TAKE OR PAY AGREEMENT Definition

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TAKE OR PAY AGREEMENT is where a buyer must pay for the contracted amount of the contracted item(s) delivered whether or not he/she can take delivery.

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AFE, dependent upon usage, is an acronym for Authorization for Expenditure or Average Funds Employed.

DISCRETIONARY FIXED COST normally has a budgetary life of under one year, i.e. the cost arises from annual budgetary decisions by management in specific fixed cost areas, e.g. R&D or Marketing.

 

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