option contract
- An agreement that establishes a specific duration during which a commitment to a proposal is required
- The company entered into an option contract which obligated them to decide on the investment within a two months period.
- The real estate deal was facilitated by an option contract, allowing the buyer a six month window to accept the seller's offer.
- In academia, an option contract can provide a professor with a certain timeframe to decide on a university's job proposal.
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