Price Revision
/ˈpraɪs rɪˈvɪʒən/
Definitions
- (n.) An adjustment made to the price stipulated in a contract or agreement, often due to changed circumstances or negotiated terms.
The contract included a clause allowing for price revision if raw material costs increased significantly.
Forms
- price revision
- price revisions
Related terms
See also
Commentary
Price revision clauses are commonly used in long-term contracts to address economic fluctuations; clarity in drafting is essential to avoid disputes.
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.