Market Standard
/ˈmɑːrkɪt ˈstændərd/
Definitions
- (n.) A generally accepted benchmark or norm in commercial transactions used to ensure consistency and fairness in trade practices.
The contract price was set according to the prevailing market standard to avoid disputes.
- (n.) A customary legal or regulatory criterion recognized within a marketplace for products or services.
Compliance with the market standard is necessary for product certification under the law.
Forms
- market standard
- market standards
Related terms
See also
Commentary
Market standards often underpin contractual terms by providing an objective measure accepted by parties and courts to interpret agreements or assess performance.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.