open contract
Definition
Whose terms do not constitute the entire agreement between the contracting parties and whose clauses or provisions can be changed or modified without mutual consent. Some construction and supply contracts are open contracts where one party (usually the contractor or vendor) can increase price or alter some other element. See also closed contract.
open contract is in the Agreements & Contracts and Purchasing & Procurement subjects.
open contract appears in the definition of the following term: closed contract
This content can be found on the following page:
http://www.businessdictionary.com/definition/open-contract.html
email to a friend print this definition cite this definition