0 used to describe an agreement to buy something, especially gas and oil, in which the buyer must pay a charge even if they later decide they do not want it: --
It was structured as a take-or-pay contract with pre-determined prices and volumes for the entire contract period.
Many will be on a take-or-pay basis.
We are asking the gas regulator to examine urgently the resale provisions of the early take-or-pay gas contracts to establish if they are anti-competitive and distort the market against coal.
Fourthly, we are encouraging the regulator to prevent generators from passing on excessive costs under the early take-or-pay gas contracts to ensure that there is no uneven playing field.
The draft directive deals with the take-or-pay problem by offering derogations from the market opening provisions for companies which encounter serious difficulties as a result of their take-or-pay commitments.
The second significant issue relates to take-or-pay contracts.
It is, in effect, one of the biggest take-or-pay contracts in history.
We are backing the effort of the regulator to prevent regional electricity companies from passing on excessive costs under early take-or-pay gas contracts to consumers.