A long term contract is a legal contract between two or more parties that sets the terms and conditions of their relationship for extended periods. A long term contract can exist between any consenting parties to the agreement across a wide range of industries. By entering into a long term contract, parties can eliminate the need to create new agreements at the end of shorter contract terms. This allows entities to work together for extended periods of time without needing to consult for contract drawing and signing several times throughout their collaboration.
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