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.

Learn new Accounting Terms

ACCOUNTING INCOME is the income derived through historical accrual based accounting. Income = the change in net assets occurring during the period excluding transactions with owners; i.e. transaction based.

DAC, in accounting, is an acronym for Deferred Acquisition Costs.

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