English Lexicon

Contract price

/ˈkɒn.trækt praɪs/
nounCEFR C1 (Advanced)Top #14500 frequency
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Comprehensive Definitions & Senses

2 senses
As noun
  1. 1

    The total monetary sum agreed upon by the parties involved in a binding contract for the delivery of goods or the completion of services.

    "The final contract price exceeded the initial budget estimate due to unexpected material costs."
  2. 2

    The specific unit or aggregate price stipulated within a formal commercial agreement.

    "Both parties signed the amendment to adjust the contract price for the additional construction phase."

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Antonyms & Contrasting Words (1)

Linguistic Origin & Historical Etymology

Derived from the noun 'contract' (from Latin 'contractus', past participle of 'contrahere', meaning 'to draw together, enter into an agreement') and the noun 'price' (from Old French 'pris', from Latin 'pretium', meaning reward, prize, or value). Established in legal and commercial terminology during the late medieval period to denote the agreed-upon financial consideration in a binding agreement.

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