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open-book contract. In DICTIOUS you will not only get to know all the dictionary meanings for the word
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English
Noun
open-book contract (plural open-book contracts)
- A contract in which the buyer and seller of work or services agree on (i) which costs are remunerable and (ii) the margin that the supplier can add to these costs. The project is then invoiced to the customer based on the actual costs incurred plus the agreed margin.
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