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Sales & Retail vocabulary · Negotiation & Pricing

Contract

Meaning in sales & retail, with examples

/ˈkɑːntrækt/nounCore term

In sales & retail, contract means: A formal written agreement between a seller and a buyer that sets out what will be supplied, at what price and under which conditions, and that both sides must follow.

In Turkish: sözleşme, kontrat

How it is used

Used at the end of B2B deals. You draft, send, review, sign or renew a contract, and the legal team often needs to review it first. A contract for a fixed period has a start date, an end date and renewal terms.

Example sentences

  1. The contract is with their legal team, so we expect a signature next week.

  2. Please check the delivery terms in the contract before you send it to the client.

Common collocations

  • sign a contract
  • draft a contract
  • contract terms
  • renew a contract
  • multi-year contract
  • proposalA document sent to a potential customer that explains the suggested solution, what is included, the price and the main terms, written to win their business.
  • renewalThe act of extending a contract or subscription for another period when the current one ends, or the new contract itself.
  • payment termsThe conditions agreed for paying an invoice, such as how many days the buyer has to pay, any deposit and any discount for early payment.
  • sign offTo give official approval for something, such as a purchase, budget or contract, often by signing it, so that it can go ahead.
  • dealAn agreement to buy or sell something, or a sales opportunity that a seller is working on and hopes to win.

This word in other fields

The same English word can have a different meaning in another field:

More terms: Negotiation & Pricing

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