PRICE ACCORD Meaning and
Definition
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Price accord refers to a mutual understanding or agreement on the cost or value at which a particular item or service is to be bought or sold. It involves the consensus reached between two parties, typically a buyer and a seller, with regards to the acceptable monetary compensation for a product or service.
A price accord is essential in business transactions where goods or services are exchanged for monetary value. It sets the groundwork for fair trade and ensures that both parties agree on the financial terms before finalizing the transaction. This agreement can encompass various factors, including the base price, discounts, and additional charges such as taxes or delivery fees.
Price accord serves as a binding commitment between the buyer and the seller, outlining their expectations and obligations. It aims to prevent any misunderstandings or disputes that may arise due to disagreements or discrepancies in the agreed-upon price. It establishes a transparent and standardized approach, facilitating smooth and efficient business operations.
Furthermore, a price accord may also be referred to as a price agreement, contract, or understanding. It can be verbal or written, depending on the significance and complexity of the transaction. In certain cases, legal frameworks and regulations may govern the formation and enforcement of price accords to ensure compliance and protect the rights of both parties involved.
Common Misspellings for PRICE ACCORD
- orice accord
- lrice accord
- 0rice accord
- peice accord
- pdice accord
- pfice accord
- ptice accord
- p5ice accord
- p4ice accord
- pruce accord
- prjce accord
- prkce accord
- proce accord
- pr9ce accord
- pr8ce accord
- prixe accord
- prive accord
- prife accord
- pride accord
- pricw accord
Etymology of PRICE ACCORD
The term "price accord" does not have a specific etymology as it is a combination of two separate words: "price" and "accord". Attribution of etymology would depend on the individual words:
- "Price" originates from the Old French word "pris", which means "worth, value, reward", ultimately derived from the Latin word "pretium" meaning "price, value, worth".
- "Accord" comes from the Old French word "acord" and the Latin word "accordare", meaning "to agree, reconcile, harmonize".
When combined, "price accord" refers to an agreement or harmony regarding the value or cost of something.
