contract noun, verb

■ noun /; AmE / [C]

ANNUAL HOURS CONTRACT, BILATERAL CONTRACT, FORWARD CONTRACT, FREEDOM OF CONTRACT, FUTURES CONTRACT, LABOR CONTRACT, PERSONAL CONTRACT, ROLLING CONTRACT, SERVICE CONTRACT, SPOT CONTRACT, STANDARD-FORM CONTRACT, UNILATERAL CONTRACT

1

an official written agreement:

a contract for the supply of vehicles

These clauses form part of the contract between buyer and seller.

I had to draw up and cost a cleaning contract for the offices.

The shipbuilding firm has won a contract to build two cruise liners.

I was on a three-year contract which expired last week.

◆ Under the terms of the contract the job should have been finished yesterday.

They were sued for breach of contract (= for not keeping to a contract).

◆ (BrE) a contract builder (= one who works for other companies rather than directly with the public)

◆ The offer has been accepted, subject to contract (= the agreement is not legal before contracts are signed).

She is under contract to (= has a contract to work for) a leading computer firm. See note at AGREEMENT

❖ to draw up/enter into/make/sign a contract

◆ to be awarded/bid for/get/tender for/win a contract

◆ a casual/fixed-term/long-term/permanent contract

◆ a big/lucrative/major contract

2 (Finance )

an agreement to buy or sell a fixed quantity of sth at a fixed price by a fixed date in the future:

The March cocoa contract closed $46 lower.

■ verb //

1 [+ obj or no obj]

to become less or smaller; to make sth less or smaller:

a contracting market

2 [+ obj]

to make a legal agreement with sb for them to work for you or provide you with a service:

Several computer engineers have been contracted to the finance department.

3 [no obj]

to make a legal agreement to work for sb or to provide them with a service:

She has contracted to work 20 hours a week.

PHRASAL VERBS

contract in (to sth) (BrE)

to formally agree that you will take part in sth

contract out (of sth) (BrE)

to formally agree that you will not take part in sth:

Many employees contracted out of the pension plan.

contract sth out (to sb)

to arrange for work to be done by another company or by sb outside your company:

The maintenance and cleaning of the building has been contracted out.

• low-cost
• low-end
• lower
• lower-than-expected
• lowest common denominator
• low-fare
• low-grade
• low-hanging fruit
• low-impact
• low-income
• low-involvement product
• low-level
• low-margin
• low-paid
• low-pressure
• low-priced
• low-profile
• low-quality
• low-ranking
• low-resolution
• low-rise
• low road
• low season
• low-tech
• low volume