take or pay noun 2take-or-pay adjective 1forms 1 noun2 •A take-or-pay contract; a take-or-pay provision in a contract. •A contractual obligation either to take delivery of contracted goods or services or to make a specified payment. take-or-pay adjective1 •Of a contractual obligation either to take delivery of contracted goods or services or to make a specified payment. formstake or pays
